IPO • Marine

First Reserve and WL Ross & Co. Exits Diamond S Shipping

On November 20, 2019, invested in marine company Diamond S Shipping from First Reserve and WL Ross & Co.

Investment Context
  • This is transaction in the Marine sector.
  • This is transaction in the United States.
  • This is transaction in Connecticut.
Investment Fate
  • Diamond S Shipping merged with another company in 2021.

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Investment Summary

Date November 20, 2019
Target Diamond S Shipping
Sector Marine
Sellers(s) First Reserve
WL Ross & Co.
Deal Type IPO

Target Company

Diamond S Shipping

Greenwich, Connecticut, United States
Diamond S Shipping owns and operates 64 vessels on the water, including 13 Suezmaxes, 1 Aframax, and 50 MR tankers. DSSI is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum, and other petroleum products. Diamond S Shipping is headquartered in Greenwich, Connecticut.
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Seller Profiles 2

SELLER

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 Context for Seller #
Overall 49 of 59
Sector: Marine 2 of 2
Type: IPO 13 of 13
State: Connecticut 2 of 2
Country: United States 32 of 39
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Arsenal Resources

Wexford, Pennsylvania, United States

Arsenal Resources is a natural gas operator headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids. Arsenal Resources was founded in 2010 and is based in Wexford, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-01 Templar

Oklahoma City, Oklahoma, United States

Templar is an oil and natural gas exploration and production company primarily focused on investing in the Mid-Continent Region of the U.S., while also evaluating opportunities outside the region which fit its economic criteria. Templar primarily targets mature well-understood regions that are liquids-rich, have stacked multiple development pay zones, and are expected to offer attractive full-cycle development returns. Templar’s executive management team has diverse experience, with core competencies in horizontal drilling and multi-stage completion techniques, having drilled hundreds of horizontal wells in the Mid-Continent Region.

Sell -
SELLER

WL Ross & Co.

New York, New York, United States

Category Private Equity Firm
Founded 2000
PE ASSETS 11.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

WL Ross is a mega-sized alternative group focused on turnaround investments. WL Ross looks to invest in and restructure financially distressed companies and create new enterprises. The Firm will consider opportunities throughout the world, including North America, Asia, South America, Western Europe, and Central Asia. WL Ross typically targets businesses operating in traditional industries, including the steel, textile, coal, automotive, and financial services sectors. In 2006 asset manager Amvescap (now Invesco) purchased WL Ross from its founder. WL Ross was originally formed in 2000 and is based in New York City.


Deal Context for Seller #
Overall 4 of 4
Sector: Marine 1 of 1
Type: IPO 1 of 1
State: Connecticut 1 of 1
Country: United States 3 of 3
Year: 2019 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-06 IntelliFlo

Wimbledon, United Kingdom

IntelliFlo provides practice management solutions to financial advice firms, supporting over 30,000 users across the UK and internationally. Its core SaaS platform, intelliflo Office, is a central system for CRM, planning, compliance, and client communication. IntelliFlo was founded in 2004 and is based in Kingston, London.

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