First Reserve Management Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, First Reserve Management has acquired 12 companies.

First Reserve Management’s most common sectors for investment are energy services and equipment (32%) and oil/gas exploration (25%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (59%) and stake purchase (11%). In total, First Reserve Management has invested in 19 US states and 19 different countries. Its largest (disclosed) acquisition occurred in 2001 when it acquired Dresser for $1.6B.

In the last 3 years, First Reserve Management has exited 5 companies. The Firm’s most common exit type is trade sale (40%). First Reserve Management’s largest (disclosed) exit occurred in 2008 when it sold Quintana Maritime for $2.5B.

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M&A Summary

  • M&A Total Activity149
    • M&A Buy Activity106
    • M&A Sell Activity43
  • Total Sectors Invested 23
  • Total Countries Invested 19
  • M&A Buy/Sell Connections 50
  • M&A Advisors 8

First Reserve Management L.P.

First Reserve 290 Harbor Drive,
Stamford, Connecticut 06902
United States
(203) 661-6601
www.firstreserve.com

First Reserve Corporation is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and has offices in Greenwich, Connecticut; Houston, Texas; and London.


Investment Criteria

Sectors of Interest: Business Services, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Infrastructure, Insurance, Manufacturing, Marine, Metals/Mining, Oil/Gas Exploration, Renewable Energy, Software, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Special Situations/Distressed, Secondary Buyout, Stake Purchase, Joint Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Central Asia/India

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.2/yr) # 85 9 3 4 5 - 106
vol $7.4B $196M $75M $558M $8.3B
Sell (1.0/yr) # 38 - 1 3 - 1 43
vol $12.8B $1.5B $1.2B $15.5B
  149

Most Recent M&A

Company Date Value Type
Vista Proppants and Logistics LLC 2020-06-10 - Bankruptcy
Fort Worth, Texas · www.vprop.com
Lamons 2019-11-04 135M USD Divestiture
Houston, Texas · www.lamons.com
IRISNDT Corp. (IRISNDT Inspection & Engineering Services) 2019-05-09 - Buyout (LBO, MBO, MBI)
Edmonton, Alberta · www.irisndt.com
Weir Flow Control 2019-02-25 423M GBP Divestiture
Glasgow, United Kingdom
Refuel, Inc. 2019-02-22 - Buyout (LBO, MBO, MBI)
Mt. Pleasant, South Carolina · www.refuelmarket.com
LineStar Integrity Services LLC 2019-01-16 - Buyout (LBO, MBO, MBI)
Pasadena, Texas · www.linestar.com
Texas American Resources Co.II LLC 2018-09-01 - Buyout (LBO, MBO, MBI)
Austin, Texas · www.texasarc.com
Deep Gulf Energy LP 2018-08-06 1.2B USD Add-on Acquisition
Houston, Texas · www.deepgulfenergy.com
Dresser Natural Gas Solutions 2018-07-18 - Divestiture
, Italy
Texas American Resources Co. LLC 2018-06-01 - Add-on Acquisition
Austin, Texas
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CHA Consulting, Inc. 2018-04-10 CME Associates, Inc. 2020-01-09 3
Albany, New York · www.chacompanies.com Mansfield, Connecticut · www.cmeengineering.com
LineStar Integrity Services LLC 2019-01-16 Remote Operations Center LLC 2019-07-22 2
Pasadena, Texas · www.linestar.com Houston, Texas · www.pipelineroc.com
LineStar Integrity Services LLC 2019-01-16 The Compliance Group, Inc. 2019-07-22 1
Pasadena, Texas · www.linestar.com Montgomery, Texas · www.thecompliancegroup.com
CHA Consulting, Inc. 2018-04-10 JBS Project Management 2019-07-11 2
Albany, New York · www.chacompanies.com Brooklyn, New York · www.jbspm.com
CHA Consulting, Inc. 2018-04-10 Wolverton & Associates, Inc. 2019-06-06 1
Albany, New York · www.chacompanies.com Duluth, Georgia · www.wolvertoninc.com
Refuel, Inc. 2019-02-22 West Oil, Inc. 2019-02-22 1
Mt. Pleasant, South Carolina · www.refuelmarket.com Hartsville, South Carolina · www.westoilco.com
CHA Consulting, Inc. 2018-04-10 CHA Consulting, Inc. - New York Survey Group 2019-01-24 1
Albany, New York · www.chacompanies.com Albany, New York
Eagle Infrastructure Services 2016-09-12 STS Consulting Services LLC - Inspection Business 2018-09-13 3
Cleveland, Oklahoma · www.eagle-infra.com Longview, Texas
Eagle Infrastructure Services 2016-09-12 Encompass Energy Services LLC 2018-02-17 2
Cleveland, Oklahoma · www.eagle-infra.com The Woodlands, Texas · www.encompassservices.com
Eagle Infrastructure Services 2016-09-12 Perennial Environmental Services LLC 2018-02-17 1
Cleveland, Oklahoma · www.eagle-infra.com Houston, Texas · www.perennialenv.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 11 (29%) - 33 (31%) 4.0B (48%)
Oil/Gas Exploration 10 (26%) 75M (3%) 26 (25%) 1.6B (19%)
Renewable Energy 2 (5%) - 9 (8%) -
Metals/Mining 1 (3%) - 7 (7%) 69M (1%)
Business Services 3 (8%) 582M (26%) 3 (3%) 582M (7%)
Manufacturing 2 (5%) 558M (25%) 3 (3%) 558M (7%)
Utilities 1 (3%) 196M (9%) 3 (3%) 196M (2%)
Marine 2 (5%) - 3 (3%) -
Construction 1 (3%) - 2 (2%) -
Electrical Equipment 1 (3%) - 2 (2%) -
Infrastructure - - 2 (2%) -
Transportation - - 2 (2%) -
Chemicals 1 (3%) 850M (38%) 1 (1%) 850M (10%)
Machinery - - 1 (1%) 460M (6%)
Building Materials - - 1 (1%) -
Distribution 1 (3%) - 1 (1%) -
Diversified - - 1 (1%) -
Engineering - - 1 (1%) -
Environmental - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Retail 1 (3%) - 1 (1%) -
Safety/Security - - 1 (1%) -
Total 38 $2.3B 106 $8.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (68%) 1.2B (52%) 69 (66%) 7.1B (86%)
  Texas 15 (39%) 985M (44%) 36 (34%) 2.4B (29%)
  Virginia - - 5 (5%) -
  Connecticut 2 (5%) - 4 (4%) -
  Oklahoma 3 (8%) - 3 (3%) -
  Georgia - - 3 (3%) 460M (6%)
  West Virginia - - 2 (2%) -
  Colorado - - 2 (2%) -
  Ohio 1 (3%) 196M (9%) 1 (1%) 196M (2%)
  South Carolina 1 (3%) - 1 (1%) -
  Pennsylvania 1 (3%) - 1 (1%) -
  New York 1 (3%) - 1 (1%) -
  Massachusetts 1 (3%) - 1 (1%) -
  Illinois - - 1 (1%) 1.6B (19%)
  New Jersey - - 1 (1%) 1.5B (18%)
  Maryland - - 1 (1%) 967M (12%)
  Montana - - 1 (1%) -
  Missouri - - 1 (1%) -
  California - - 1 (1%) -
Canada 3 (8%) 657M (29%) 7 (7%) 657M (8%)
  Alberta 3 (8%) 657M (29%) 5 (5%) 657M (8%)
  Ontario - - 1 (1%) -
  British Columbia - - 1 (1%) -
United Kingdom 1 (3%) 423M (19%) 6 (6%) 423M (5%)
Netherlands 1 (3%) - 3 (3%) -
Spain - - 3 (3%) -
Italy 1 (3%) - 2 (2%) -
Australia 1 (3%) - 2 (2%) -
China - - 2 (2%) -
Bermuda - - 2 (2%) -
Germany 1 (3%) - 1 (1%) -
India 1 (3%) - 1 (1%) -
Brazil 1 (3%) - 1 (1%) -
Norway 1 (3%) - 1 (1%) -
Romania 1 (3%) - 1 (1%) -
South Africa - - 1 (1%) 69M (1%)
Bahamas - - 1 (1%) -
Singapore - - 1 (1%) -
Switzerland - - 1 (1%) -
Total 38 $2.3B 105 $8.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 17 (45%) 657M (29%) 62 (58%) 3.4B (42%)
Stake Purchase 3 (8%) - 11 (10%) -
Secondary Buyout 5 (13%) - 10 (9%) 460M (6%)
Divestiture 6 (16%) 558M (25%) 9 (8%) 3.3B (40%)
Joint Venture 3 (8%) - 6 (6%) -
Growth Capital 2 (5%) - 4 (4%) -
Going Private 2 (5%) 1.0B (46%) 2 (2%) 1.0B (13%)
Consolidation - - 1 (1%) -
PIPE - - 1 (1%) -
Total 38 $2.3B 106 $8.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (30%) 14.8B (95%)
IPO 12 (28%) -
Trade Sale 9 (21%) 744M (5%)
Secondary Sale 6 (14%) -
Bankruptcy 1 (2%) -
Sold to Management 1 (2%) -
Stake Sale 1 (2%) -
Total 43 $15.5B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 1
Lazard Ltd.
 1
J.P. Morgan Securities LLC
 1
Legal Deals
Simpson Thacher & Bartlett LLP
 3
Freshfields Bruckhaus Deringer LLP
 1

Deal Values

buy # Total
> $1B 3 $4.3B
$100M to $1B 8 $3.9B
< $100M 2 $144M
TOTAL $8.3B
Largest Dresser, Inc.
$1.6B (2001-04-10)
sell # Total
> $1B 7 $12.1B
$100M to $1B 6 $3.3B
< $100M 2 $84M
TOTAL $15.5B
Largest Quintana Maritime Ltd.
$2.5B (2008-03-20)

M&A Connections

Deals %
Acquired from
PE Firm(s)
59%
13 59%
Strategic(s)
41%
9 41%
Exited to
PE Firm(s)
32%
9 32%
Strategic(s)
68%
19 68%

Investor Summary

Size

Mega

PE Assets

31.0B USD

Established

1983

Specialist/Generalist

Generalist

Leadership

Alex Krueger

President & CEO

Edward Bialas

Managing Director

Gary Reaves

Managing Director

Jeffrey Quake

Managing Director

John Hill

Managing Director

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