M&A Deal Summary

First Reserve, Fortress and One Rock Capital Partners Acquire Island Energy

On June 2, 2025, private equity firm First Reserve, asset manager Fortress and private equity firm One Rock Capital Partners acquired infrastructure company Island Energy from One Rock Capital Partners

Acquisition Highlights
  • This is First Reserve’s 3rd, Fortress’ 1st and One Rock Capital Partners’ 2nd transaction in the Infrastructure sector.
  • This is First Reserve’s 75th, Fortress’ 35th and One Rock Capital Partners’ 24th transaction in the United States.
  • This is First Reserve’s 1st, Fortress’ 1st and One Rock Capital Partners’ 2nd transaction in Hawaii.

M&A Deal Summary

Date 2025-06-02
Target Island Energy
Sector Infrastructure
Buyer(s) First Reserve
Fortress
One Rock Capital Partners
Sellers(s) One Rock Capital Partners
Deal Type Secondary Buyout

Target

Island Energy

Kapolei, Hawaii, United States
Island Energy is an integrated fuel logistics and infrastructure company, operating assets that support the State's energy supply chain. IES provides fuel storage, pipeline transport, and distribution services to major commercial customers, including airlines, utilities, retailers, and government customers. The Company operates a retail fuel station network, consisting of 50 Texaco service stations and convenience stores. Island Energy is based in Kapolei, Hawaii.

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Buyer(S) 3

Buyer

First Reserve

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 112 of 112
Sector: Infrastructure M&A 3 of 3
Type: Secondary Buyout M&A Deals 11 of 11
State: Hawaii M&A 1 of 1
Country: United States M&A 75 of 75
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-16 Lucero

Calgary, Alberta, Canada

Lucero is an oil company engaged in the acquisition, development, and consolidation of interests in the North Dakota Bakken / Three Forks. Lucero was founded in 1994 and is based in Calgary, Alberta.

Sell $222M
Buyer

Fortress

New York, New York, United States

Category Asset Manager
Founded 1998
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Fortress is a public investment firm that manages hedge fund, credit, and private equity investments. Fortress' private equity practice primarily makes control-oriented investments in North American and Western European businesses with significant asset-bases and strong cash-flows. Fortress is open to investing in a wide range of sectors, however the Firm has tended towards capital intensive sectors. These include transportation, financials, senior living/healthcare, real estate, media & telecommunications, leisure and energy infrastructure. The pivate equity group also invests in publicly traded alternative investment vehicles, which Fortress refers to as 'castles' that primarily invest in real estate and real estate related debt. Fortress was formed in 1998 and is based in New York City.


DEAL STATS #
Overall 48 of 49
Sector: Infrastructure M&A 1 of 1
Type: Secondary Buyout M&A Deals 9 of 9
State: Hawaii M&A 1 of 1
Country: United States M&A 35 of 36
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-27 Gyptech

Burlington, Ontario, Canada

Gyptech is a provider of wallboard equipment and services, including the design, construction, and commissioning of complete turnkey solutions for automated gypsum board plants that convert raw gypsum into high-quality finished wallboard. Gyptech was founded in 1993 and is based in Burlington, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-22 Omnispace

Tysons, Virginia, United States

Omnispace owns and operates global non-geostationary satellite infrastructure to provide mobile satellite services internationally in markets across Asia Pacific, South America, North America, Africa and the Middle East. Omnispace was founded in 2012 and is based in Tysons, Virginia.

Sell -
Buyer

One Rock Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 2010
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.


DEAL STATS #
Overall 27 of 27
Sector: Infrastructure M&A 2 of 2
Type: Secondary Buyout M&A Deals 11 of 11
State: Hawaii M&A 2 of 2
Country: United States M&A 24 of 24
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-07 Lewis Bakeries

Evansville, Indiana, United States

Lewis Bakeries provides fresh bakery products to customers in 17 states. Lewis Bakeries is a producer of branded, private label and franchised packaged sliced bread, buns and rolls, primarily for the retail channel. Lewis Bakeries was founded in 1925 and is based in Evansville, Indiana.

Buy -

Seller(S) 1

SELLER

One Rock Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 2010
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.


DEAL STATS #
Overall 10 of 10
Sector: Infrastructure M&A 1 of 1
Type: Secondary Buyout M&A Deals 7 of 7
State: Hawaii M&A 1 of 1
Country: United States M&A 10 of 10
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-07 Lewis Bakeries

Evansville, Indiana, United States

Lewis Bakeries provides fresh bakery products to customers in 17 states. Lewis Bakeries is a producer of branded, private label and franchised packaged sliced bread, buns and rolls, primarily for the retail channel. Lewis Bakeries was founded in 1925 and is based in Evansville, Indiana.

Buy -