Last week, Los Angeles-based Ares Management announced that funds managed by Ares EIF, its power and infrastructure strategy, closed on the acquisition of substantially all of the assets and business interests of Paradigm Energy Partners from an affiliate of Stonepeak Infrastructure Partners. The Paradigm assets will be combined with Ares EIF's adjacent Van Hook Gathering System, which it acquired in 2015, to form a premier regional midstream platform serving the core of the Williston Basin in North Dakota, with additional reach into the prolific Eagle Ford Shale in South Texas. The combined entity, which will continue to be known as Paradigm, will continue to be operated by Paradigm's existing management team and employee base.

The acquisition consists of two oil and natural gas gathering systems in North Dakota and a third in South Texas, along with joint venture interests in the Sacagawea Pipeline Co. and various logistics assets in North Dakota. By year end 2018, the combined company is expected to transport nearly 50,000 barrels of oil and 23 million cubic feet of gas per day from 11 contracted customers in North Dakota and Texas.

Ares Management is a publicly traded global alternative asset manager with approximately $121.4 billion of assets under management as of June 30, 2018 and 18 offices in the United States, Europe, Asia and Australia.