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 5 companies. The Firm’s most common exit type is trade sale (34%). 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 Activity166
- M&A Buy Activity109
- M&A Sell Activity57
Total Sectors Invested 20
Total Countries Invested 19
M&A Buy/Sell Connections 51
M&A Advisors 9

First Reserve

First Reserve Management, L.P.

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	50	500
Enterprise Value	100	10,000
values in millions of USD

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

500

Enterprise Value

100

10,000

values in millions of USD

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (0.6/yr)	#	106	1	-	-	2	-	109
vol	$8.3B						$8.3B
Sell (1.6/yr)	#	49	3	-	1	-	4	57
vol	$16.4B						$16.4B
	166

Year

≤ '19

'20

'21

'22

'23

'24

Buy (0.6/yr)

106

109

vol

$8.3B

Sell (1.6/yr)

vol

$16.4B

166

Company	Date	Value	Type
IRISNDT Corp.	2024-10-23	-	Trade Sale
Edmonton, Alberta · www.irisndt.com
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.chasolutions.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
View All >>

Company

Date

Value

Type

IRISNDT Corp.

2024-10-23

Trade Sale

Edmonton, Alberta · www.irisndt.com

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.chasolutions.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

View All >>

Company	Acquired	Add-On/Sale	Date	#
Lamons	2019-11-04	ModuHouston	2024-05-20	2
Houston, Texas · www.lamons.com	Snohomish, Washington
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

Company

Acquired

Add-On/Sale

Date

Lamons

2019-11-04

ModuHouston

2024-05-20

Houston, Texas · www.lamons.com

Snohomish, Washington

Dresser Utility Solutions LLC

2018-07-18

Itron - Global Gas Regulator and European C&I Gas Metering Business

2021-11-03

Houston, Texas · www.dresserutility.com

Liberty Lake, Washington

AFG Holdings, Inc.

2012-12-27

Advanced Measurements, Inc.

2017-06-30

Houston, Texas · www.afglobalcorp.com

Calgary, Alberta · www.advmeas.com

Hoover Ferguson Group, Inc.

2014-12-02

Hoover Circular Solutions

2016-10-23

Houston, Texas · www.hooverferguson.com

Katy, Texas · www.hooversolutions.com

Sector	Current #	Value	All-time #	Value
Energy Services and Equipment	5 (26%)	-	33 (30%)	4.5B (55%)
Oil/Gas Exploration	7 (37%)	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 (11%)	558M (88%)	3 (3%)	558M (7%)
Marine	-	-	3 (3%)	-
Construction	1 (5%)	-	2 (2%)	-
Engineering	-	-	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	19	$633M	109	$8.3B

Sector

Current #

Value

All-time #

Value

Energy Services and Equipment

5 (26%)

33 (30%)

4.5B (55%)

Oil/Gas Exploration

7 (37%)

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 (11%)

558M (88%)

3 (3%)

558M (7%)

Marine

3 (3%)

Construction

1 (5%)

2 (2%)

Engineering

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

$633M

109

$8.3B

State/Country	Current #	Value	All-time #	Value
United States	15 (79%)	135M (21%)	73 (68%)	7.1B (86%)
	Texas	9 (47%)	135M (21%)	38 (35%)	2.4B (29%)
	Virginia	-	-	5 (5%)	-
	Connecticut	1 (5%)	-	4 (4%)	-
	Florida	2 (11%)	-	3 (3%)	-
	Georgia	-	-	3 (3%)	460M (6%)
	Oklahoma	1 (5%)	-	2 (2%)	-
	Montana	-	-	2 (2%)	196M (2%)
	Colorado	-	-	2 (2%)	-
	West Virginia	-	-	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%)
	California	-	-	1 (1%)	-
	Pennsylvania	-	-	1 (1%)	-
	New York	-	-	1 (1%)	-
	Missouri	-	-	1 (1%)	-
	Massachusetts	-	-	1 (1%)	-
Canada	1 (5%)	75M (12%)	7 (6%)	657M (8%)
	Alberta	1 (5%)	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	19	$633M	108	$8.3B

State/Country

Current #

Value

All-time #

Value

United States

15 (79%)

135M (21%)

73 (68%)

7.1B (86%)

Texas

9 (47%)

135M (21%)

38 (35%)

2.4B (29%)

Virginia

5 (5%)

Connecticut

1 (5%)

4 (4%)

Florida

2 (11%)

3 (3%)

Georgia

3 (3%)

460M (6%)

Oklahoma

1 (5%)

2 (2%)

Montana

2 (2%)

196M (2%)

Colorado

2 (2%)

West Virginia

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%)

California

1 (1%)

Pennsylvania

1 (1%)

New York

1 (1%)

Missouri

1 (1%)

Massachusetts

1 (1%)

Canada

1 (5%)

75M (12%)

7 (6%)

657M (8%)

Alberta

1 (5%)

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

$633M

108

$8.3B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	7 (37%)	75M (12%)	62 (57%)	3.4B (42%)
Stake Purchase	2 (11%)	-	12 (11%)	-
Secondary Buyout	2 (11%)	-	10 (9%)	460M (6%)
Divestiture	5 (26%)	558M (88%)	9 (8%)	3.3B (40%)
Growth Capital	1 (5%)	-	7 (6%)	-
Joint Venture	2 (11%)	-	5 (5%)	-
Going Private	-	-	2 (2%)	1.0B (13%)
Consolidation	-	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Total	19	$633M	109	$8.3B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

7 (37%)

75M (12%)

62 (57%)

3.4B (42%)

Stake Purchase

2 (11%)

12 (11%)

Secondary Buyout

2 (11%)

10 (9%)

460M (6%)

Divestiture

5 (26%)

558M (88%)

9 (8%)

3.3B (40%)

Growth Capital

1 (5%)

7 (6%)

Joint Venture

2 (11%)

5 (5%)

Going Private

2 (2%)

1.0B (13%)

Consolidation

1 (1%)

PIPE

1 (1%)

Total

$633M

109

$8.3B

Type	Total #	Value
Trade Sale - Public Company	14 (25%)	14.8B (90%)
IPO	13 (23%)	-
Trade Sale	10 (18%)	744M (5%)
Secondary Sale	8 (14%)	872M (5%)
Bankruptcy	7 (12%)	-
Stake Sale	2 (4%)	-
Merger	1 (2%)	-
Sold to Management	1 (2%)	-
Unknown	1 (2%)	-
Total	57	$16.4B

Type

Total #

Value

Trade Sale - Public Company

14 (25%)

14.8B (90%)

IPO

13 (23%)

Trade Sale

10 (18%)

744M (5%)

Secondary Sale

8 (14%)

872M (5%)

Bankruptcy

7 (12%)

Stake Sale

2 (4%)

Merger

1 (2%)

Sold to Management

1 (2%)

Unknown

1 (2%)

Total

$16.4B

Financial	Deals
Robert W. Baird & Co., Inc.	1
J.P. Morgan Securities	1
WTA Partners	1

Financial

Deals

Robert W. Baird & Co., Inc.

J.P. Morgan Securities

WTA Partners

Legal	Deals
Simpson Thacher & Bartlett	3
Freshfields Bruckhaus Deringer	2

Legal

Deals

Simpson Thacher & Bartlett

Freshfields Bruckhaus Deringer

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)

buy

Total

> $1B

$4.3B

$100M to $1B

$3.9B

< $100M

$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)

sell

Total

> $1B

$12.1B

$100M to $1B

$4.2B

< $100M

$84M

TOTAL

$16.4B

Largest

Quintana Maritime Ltd.
$2.5B (2008-03-20)

		Deals
Acquired from
Investor(s)	8%	9 (8%)
Strategic(s)	8%	9 (8%)
Exited to
Investor(s)	16%	9 (16%)
Strategic(s)	37%	21 (37%)

Deals

Acquired from

Investor(s)

9 (8%)

Strategic(s)

9 (8%)

Exited to

Investor(s)

9 (16%)

Strategic(s)

21 (37%)

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.

First Reserve Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary

First Reserve

First Reserve Management, L.P.

Investment Criteria

M&A Summary

Buy vs Sell

Most Recent M&A

Portfolio M&A

M&A by Sector

Acquisitions By Geo

Acquisitions by Deal Type

Exits by Deal Type

Top M&A Advisors

Deal Values

M&A Connections

Investor Summary

Investor Type

Size

PE Assets

Established

Specialist/Generalist

Leadership

Alex Krueger

John Hill

Jeffrey Quake

Gary Reaves

Neil Wizel

FAQ

When was First Reserve founded?

What type of investor is First Reserve?

Where is First Reserve headquartered?

How much capital does First Reserve have under management?

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