Investment Summary

First Reserve Invests In Palmdale

On May 4, 2023, private equity firm First Reserve invested in oil/gas exploration company Palmdale

Investment Highlights
  • This is First Reserve’s 29th transaction in the Oil/Gas Exploration sector.
  • This is First Reserve’s 72nd transaction in the United States.
  • This is First Reserve’s 2nd transaction in Florida.

Investment Summary
Date 2023-05-04
Target Palmdale
Sector Oil/Gas Exploration
Investor(s) First Reserve
Deal Type Growth Capital
Advisor(s) Citizens Capital Markets (Financial)

Target

Palmdale

Fort Pierce, Florida, United States
Palmdale is a statewide provider of fuels, lubricants, and chemicals with delivery and management solutions. The company currently operates in more than 50 counties across Florida and provides a wide range of tailored commercial fuel and lubricant solutions to customers in the agricultural, industrial, construction, marine, and government sectors. Palmdale operates from 15 locations statewide and maintains a fleet of over 200 specialized vehicles including tankwagons, tractors, trailers, and box trucks. Its product suite includes traditional gasoline, diesel, biodiesel, commercial and industrial lubricants, and chemicals that are used across a diverse set of end markets. Palmdale was founded in 1984 and is based in Fort Pierce, Florida.

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Investor(S) 1

Investor

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 108 of 109
Sector (Oil/Gas Exploration) 29 of 29
Type (Growth Capital) 7 of 7
State (Florida) 2 of 3
Country (United States) 72 of 73
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-16 TPC Group

Houston, Texas, United States

TPC Group is a producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons. The Company processes C4 hydrocarbons into butadiene, butene-1, isobutylene and differentiated isobutylene derivatives for use in performance and specialty products in the synthetic rubber, fuels, lubricants, plastics and nylon industries. It also produces a variety of C3 derivatives for use in plasticizers, surfactants and antioxidants. TPC Group was founded in 1943 and is based in Houston, Texas.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 AP4 Group

Lakeland, Florida, United States

AP4 Group is a provider of critical aftermarket maintenance services, repair, and parts solutions for industrial gas & steam turbines. Serving a diverse base of customers around the world, the company operates in a growing market for gas & steam turbine maintenance, providing a range of core offerings that include power plant field services, parts, accessories repairs and parts refurbishment with specific expertise in controls, electrical, excitation equipment, mechanical field services, commissioning and turnkey gas & steam turbine outage support. AP4 Group was formed in 1990 and is based in Lakeland, Florida.

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