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Private Equity
FINANCE | Investment Firms & Funds
firstreserve.com

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Investments

54

Portfolio Exits

27

Funds

22

Partners & Customers

10

Service Providers

3

About First Reserve

First Reserve is a global private equity and infrastructure investment firm exclusively focused on energy. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment, and services and infrastructure.

First Reserve Headquarter Location

262 Harbor Drive, 3rd Floor

Stamford, Connecticut, 06902,

United States

203-661-6601

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Latest First Reserve News

GridTek Utility Services Announces Acquisitions Of American Power And Valiant Energy Services

May 9, 2022

Transactions meaningfully increase GridTek's electric transmission and distribution services footprint across the Northeastern, Mid-Atlantic, Southeastern and Southwestern U.S., positioning the Company to capitalize on future growth opportunities in partnership with First Reserve Melbourne, FL and Stamford, CT and Houston, TX /PRNewswire/ - GridTek Utility Services ("GridTek" or the "Company"), a leading provider of electrical transmission and distribution maintenance, repair and upgrade services for utility and industrial customers, and a First Reserve portfolio company, today announced it has successfully signed and closed on the simultaneous acquisitions of American Power, LLC ("American Power") and Valiant Energy Services, LLC ("Valiant") (collectively, the "Transactions"). The Transactions are expected to nearly double the size of the GridTek platform, fueling the Company's expansion of electric distribution maintenance service offerings in the Northeastern and Southwestern U.S. Pro forma for the Transactions, GridTek is expected to generate over $350 million in annual revenues, and serve a broad and diverse customer base of nearly 100 different investor-owned utilities, electric cooperatives and municipalities across the U.S. The Company maintains its focus of being a peer-leading and safety-oriented provider of a broad suite of electric utility infrastructure maintenance, repair, installation and upgrade services. GridTek's President and Chief Executive Officer, Richard Schwartz, commented, "We are tremendously excited to announce the addition of these two industry-leading companies to the GridTek platform, joining Southeast Power Corporation, C&C Power Line and Precision Foundations. The addition of American Power and Valiant provides our utility and industrial customers with increased access to services, expertise and scale as they modernize their power grid infrastructure and transition to renewable energy. We continue to be fully dedicated to safe operations, with a keen focus on exceeding the expectations of our customers and employees." Jeff Quake, Managing Director at First Reserve, commented, "These acquisitions highlight First Reserve's continued commitment to building leading platforms which play a crucial role in maintaining and enhancing mission-critical infrastructure amidst an increasingly diversified domestic power generation mix. We continue to believe that GridTek is extraordinarily well positioned to participate in supportive long-term trends driven by increased focus on ESG, sustainability and asset integrity." About GridTek Utility Services GridTek Utility Services (fka The Goldfield Corporation) is a leading provider of electrical transmission and distribution maintenance services engaged in the maintenance of electrical infrastructure for the utility industry and industrial customers. For more information about the Company, please visit the Company's website at: https://gridtekus.com/ . About First Reserve First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 38 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm's portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Learn more at: www.firstreserve.com . Source: First Reserve

First Reserve Investments

54 Investments

First Reserve has made 54 investments. Their latest investment was in IRISNDT as part of their Recap on May 5, 2019.

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First Reserve Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/9/2019

Recap

IRISNDT

Yes

1

11/1/2018

Private Equity

Blue Racer Midstream

Yes

2

7/11/2018

Private Equity - III

Ascent Resources

$64.46M

No

1

12/20/2016

Private Equity

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$99M

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10

3/23/2016

Private Equity - II

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$99M

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10

Date

5/9/2019

11/1/2018

7/11/2018

12/20/2016

3/23/2016

Round

Recap

Private Equity

Private Equity - III

Private Equity

Private Equity - II

Company

IRISNDT

Blue Racer Midstream

Ascent Resources

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Amount

$64.46M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

1

2

1

10

10

First Reserve Portfolio Exits

27 Portfolio Exits

First Reserve has 27 portfolio exits. Their latest portfolio exit was Diamond S Shipping on July 16, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/16/2021

Acq - P2P

$99M

4

11/9/2017

Acquired

1

4/11/2017

Acquired

$99M

2

2/1/2017

Divestiture

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10

10/24/2016

Acquired

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10

Date

7/16/2021

11/9/2017

4/11/2017

2/1/2017

10/24/2016

Exit

Acq - P2P

Acquired

Acquired

Divestiture

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

4

1

2

10

10

First Reserve Acquisitions

42 Acquisitions

First Reserve acquired 42 companies. Their latest acquisition was The Goldfield Corporation on December 30, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/30/2020

$99M

Take Private

2

11/4/2019

$99M

Acquired Unit - Fin

1

2/25/2019

$99M

Acquired Unit - Fin

2

2/22/2019

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$99M

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10

7/19/2018

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$99M

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10

Date

12/30/2020

11/4/2019

2/25/2019

2/22/2019

7/19/2018

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Take Private

Acquired Unit - Fin

Acquired Unit - Fin

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Sources

2

1

2

10

10

First Reserve Fund History

22 Fund Histories

First Reserve has 22 funds, including First Reserve Refuel Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/11/2022

First Reserve Refuel Fund

$511M

2

3/26/2020

First Reserve Fund XIV

REAL Assets

Open

$465M

3

11/22/2016

First Reserve Upstream Annex Fund

REAL Assets

Closed

$325.9M

1

11/22/2016

FR Ascent Co-Investment

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$99M

10

10/3/2014

First Reserve Fund XIII

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10

Closing Date

1/11/2022

3/26/2020

11/22/2016

11/22/2016

10/3/2014

Fund

First Reserve Refuel Fund

First Reserve Fund XIV

First Reserve Upstream Annex Fund

FR Ascent Co-Investment

First Reserve Fund XIII

Fund Type

REAL Assets

REAL Assets

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Status

Open

Closed

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Amount

$511M

$465M

$325.9M

$99M

Sources

2

3

1

10

10

First Reserve Partners & Customers

10 Partners and customers

First Reserve has 10 strategic partners and customers. First Reserve recently partnered with Intero Integrity Services on April 4, 2018.

Date

Type

Business Partner

Country

News Snippet

Sources

4/23/2018

Partner

Netherlands

Inspection and industrial solutions specialist Intero Integrity Services launches with significant investment by First Reserve and growth plans

Jeff Quake , Managing Director of First Reserve , added : `` We are delighted to partner with Intero Integrity Services , which we view to be a global leader in technology-driven integrity services for key energy assets .

1

5/19/2015

Partner

Mexico

LinkedIn Facebook Twitter Email. Building Mexico’s Energy Infrastructure - Privcap

First Reserve entered into a partnership with oil and gas giant Pemex to build infrastructure following the country 's energy reforms .

1

6/26/2014

Partner

United Kingdom

First Reserve and Petrofac Sign Energy Infrastructure Agreement For US$1.25 Billion

The first transaction under the Agreement will see Petrofac and First Reserve establish a joint venture in respect of three of Petrofac 's deployed and contracted floating production facilities .

1

6/12/2013

Partner

United States

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10

12/5/2011

Partner

Mexico

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10

Date

4/23/2018

5/19/2015

6/26/2014

6/12/2013

12/5/2011

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

Netherlands

Mexico

United Kingdom

United States

Mexico

News Snippet

Inspection and industrial solutions specialist Intero Integrity Services launches with significant investment by First Reserve and growth plans

Jeff Quake , Managing Director of First Reserve , added : `` We are delighted to partner with Intero Integrity Services , which we view to be a global leader in technology-driven integrity services for key energy assets .

LinkedIn Facebook Twitter Email. Building Mexico’s Energy Infrastructure - Privcap

First Reserve entered into a partnership with oil and gas giant Pemex to build infrastructure following the country 's energy reforms .

First Reserve and Petrofac Sign Energy Infrastructure Agreement For US$1.25 Billion

The first transaction under the Agreement will see Petrofac and First Reserve establish a joint venture in respect of three of Petrofac 's deployed and contracted floating production facilities .

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Sources

1

1

1

10

10

First Reserve Service Providers

6 Service Providers

First Reserve has 6 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Acquired Unit - Fin

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Acquired Unit - Fin

Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

First Reserve Team

17 Team Members

First Reserve has 17 team members, including former Chief Information Officer, Daniel H Berg.

Name

Work History

Title

Status

Daniel H Berg

Chief Information Officer

Former

James Brooks

Shell, EverSource Capital, Lightsource BP, and Goldman Sachs

Senior Vice President

Former

John Barry

Managing Director

Former

John F Bookout

Managing Director

Former

Thomas Denison

Managing Director

Former

Name

Daniel H Berg

James Brooks

John Barry

John F Bookout

Thomas Denison

Work History

Shell, EverSource Capital, Lightsource BP, and Goldman Sachs

Title

Chief Information Officer

Senior Vice President

Managing Director

Managing Director

Managing Director

Status

Former

Former

Former

Former

Former

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