First Reserve Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, First Reserve has acquired 1 company. It has also invested in 1 other.

First Reserve’s most common sectors for investment areenergy services and equipment (31%) and oil/gas exploration (27%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (57%) and stake purchase (12%). In total, First Reserve 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 has exited 4 companies. The Firm’s most common exit type is trade sale (33%). First Reserve’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 Activity165
    • M&A Buy Activity109
    • M&A Sell Activity56
  • Total Sectors Invested 20
  • Total Countries Invested 19
  • M&A Buy/Sell Connections 50
  • M&A Advisors 9

First Reserve

First Reserve Management, L.P.

262 Harbor Drive 3rd floor,
Stamford, Connecticut 06902
United States
(203) 661-6601
www.firstreserve.com

First Reserve 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 is based in Stamford, Connecticut.


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 50 500
Enterprise Value 100 10,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 106 1 - - 2 - 109
vol $8.3B $8.3B
Sell (1.4/yr) # 49 3 - 1 - 3 56
vol $16.4B $16.4B
  165

Most Recent M&A

Company Date Value Type
Intero Integrity Services B.V. 2024-06-25 - Secondary Sale
Tricht, Netherlands · www.intero-integrity.com
GridTek Utility Services 2024-06-11 - Stake Sale
Melbourne, Florida · www.gridtekus.com
CHA Consulting, Inc. 2024-01-23 - Secondary Sale
Albany, New York · www.chacompanies.com
AP4 Group LLC 2023-12-19 - Buyout (LBO, MBO, MBI)
Lakeland, Florida · www.ap4.com
Palmdale Oil Co. 2023-05-04 - Growth Capital
Fort Pierce, Florida · www.palmdaleoil.com
TPC Group, Inc. 2022-12-16 - Bankruptcy
Houston, Texas · www.tpcgrp.com
GridTek Utility Services 2020-12-01 - Growth Capital
Melbourne, Florida · www.gridtekus.com
Tri-Point Oil & Gas Production Systems 2020-06-22 - Bankruptcy
Houston, Texas · www.tri-pointllc.com
Vista Proppants and Logistics LLC 2020-06-10 - Bankruptcy
Fort Worth, Texas · www.vprop.com
Templar Energy LLC 2020-06-01 - Bankruptcy
Oklahoma City, Oklahoma
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Lamons 2019-11-04 ModuHouston 2024-05-20 2
Houston, Texas · www.lamons.com Snohomish, Washington
IRISNDT Corp. 2019-05-09 James Fisher NDT Ltd. 2022-01-05 2
Edmonton, Alberta · www.irisndt.com Cumbria, United Kingdom · www.jfndt.co.uk
Dresser Utility Solutions LLC 2018-07-18 Itron - Global Gas Regulator and European C&I Gas Metering Business 2021-11-03 2
Houston, Texas · www.dresserutility.com Liberty Lake, Washington
AFG Holdings, Inc. 2012-12-27 Advanced Measurements, Inc. 2017-06-30 2
Houston, Texas · www.afglobalcorp.com Calgary, Alberta · www.advmeas.com
Hoover Ferguson Group, Inc. 2014-12-02 Hoover Circular Solutions 2016-10-23 3
Houston, Texas · www.hooverferguson.com Katy, Texas · www.hooversolutions.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment 5 (25%) - 33 (30%) 4.5B (55%)
Oil/Gas Exploration 7 (35%) 75M (12%) 29 (27%) 1.6B (19%)
Renewable Energy 1 (5%) - 10 (9%) -
Metals/Mining - - 7 (6%) 69M (1%)
Utilities - - 4 (4%) 196M (2%)
Business Services 1 (5%) - 4 (4%) -
Manufacturing 2 (10%) 558M (88%) 3 (3%) 558M (7%)
Marine - - 3 (3%) -
Construction 1 (5%) - 2 (2%) -
Engineering 1 (5%) - 2 (2%) -
Infrastructure - - 2 (2%) -
Transportation - - 2 (2%) -
Chemicals - - 1 (1%) 850M (10%)
Machinery - - 1 (1%) 460M (6%)
Building Materials - - 1 (1%) -
Distribution 1 (5%) - 1 (1%) -
Electrical Equipment 1 (5%) - 1 (1%) -
Environmental - - 1 (1%) -
Insurance - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 20 $633M 109 $8.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (75%) 135M (21%) 73 (68%) 7.1B (86%)
  Texas 9 (45%) 135M (21%) 38 (35%) 2.4B (29%)
  Virginia - - 5 (5%) -
  Connecticut 1 (5%) - 4 (4%) -
  Florida 2 (10%) - 3 (3%) -
  Georgia - - 3 (3%) 460M (6%)
  Oklahoma 1 (5%) - 2 (2%) -
  Montana - - 2 (2%) 196M (2%)
  West Virginia - - 2 (2%) -
  Colorado - - 2 (2%) -
  South Carolina 1 (5%) - 1 (1%) -
  Illinois - - 1 (1%) 1.6B (19%)
  New Jersey - - 1 (1%) 1.5B (18%)
  Maryland - - 1 (1%) 967M (12%)
  Pennsylvania - - 1 (1%) -
  New York - - 1 (1%) -
  Missouri - - 1 (1%) -
  Massachusetts - - 1 (1%) -
  California - - 1 (1%) -
Canada 2 (10%) 75M (12%) 7 (6%) 657M (8%)
  Alberta 2 (10%) 75M (12%) 5 (5%) 657M (8%)
  Ontario - - 1 (1%) -
  British Columbia - - 1 (1%) -
United Kingdom 1 (5%) 423M (67%) 6 (6%) 423M (5%)
Spain - - 3 (3%) -
Netherlands - - 3 (3%) -
China - - 2 (2%) -
Australia - - 2 (2%) -
Bermuda - - 2 (2%) -
India 1 (5%) - 1 (1%) -
Brazil 1 (5%) - 1 (1%) -
South Africa - - 1 (1%) 69M (1%)
Germany - - 1 (1%) -
Italy - - 1 (1%) -
Bahamas - - 1 (1%) -
Norway - - 1 (1%) -
Romania - - 1 (1%) -
Singapore - - 1 (1%) -
Switzerland - - 1 (1%) -
Total 20 $633M 108 $8.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (40%) 75M (12%) 62 (57%) 3.4B (42%)
Stake Purchase 2 (10%) - 12 (11%) -
Secondary Buyout 2 (10%) - 10 (9%) 460M (6%)
Divestiture 5 (25%) 558M (88%) 9 (8%) 3.3B (40%)
Growth Capital 1 (5%) - 7 (6%) -
Joint Venture 2 (10%) - 5 (5%) -
Going Private - - 2 (2%) 1.0B (13%)
Consolidation - - 1 (1%) -
PIPE - - 1 (1%) -
Total 20 $633M 109 $8.3B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (25%) 14.8B (90%)
IPO 13 (23%) -
Trade Sale 9 (16%) 744M (5%)
Secondary Sale 8 (14%) 872M (5%)
Bankruptcy 7 (13%) -
Stake Sale 2 (4%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Unknown 1 (2%) -
Total 56 $16.4B

Top M&A Advisors

Financial Deals
Robert W. Baird & Co., Inc.
1
J.P. Morgan Securities
1
Winchester Technology Advisors Ltd.
1
Legal Deals
Simpson Thacher & Bartlett
3
Freshfields
2

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 7 $4.2B
< $100M 2 $84M
TOTAL $16.4B
Largest Quintana Maritime Ltd.
$2.5B (2008-03-20)

M&A Connections

Deals
Acquired from
Investor(s)
8%
9 (8%)
Strategic(s)
8%
9 (8%)
Exited to
Investor(s)
16%
9 (16%)
Strategic(s)
36%
20 (36%)

FAQ

When was First Reserve founded?

First Reserve was founded in 1983.

What type of investor is First Reserve?

First Reserve is a private equity firm.

Where is First Reserve headquartered?

First Reserve is headquartered in Stamford, Connecticut.

How much capital does First Reserve have under management?

First Reserve has 32.0B USD under management.

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