Investments
54Portfolio Exits
27Funds
22Partners & Customers
10Service Providers
3About 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
First Reserve Web Traffic
First Reserve Rank
Latest First Reserve News
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.
First Reserve Investments Activity
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 | |||||
3/23/2016 | Private Equity - II |
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 | ||
Amount | $64.46M | ||||
New? | Yes | Yes | No | ||
Co-Investors | |||||
Sources | 1 | 2 | 1 |
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 | 4 | |||
11/9/2017 | Acquired | 1 | |||
4/11/2017 | Acquired | 2 | |||
Date | 7/16/2021 | 11/9/2017 | 4/11/2017 | ||
---|---|---|---|---|---|
Exit | Acq - P2P | Acquired | Acquired | ||
Companies | |||||
Valuation | |||||
Acquirer | |||||
Sources | 4 | 1 | 2 |
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 | Take Private | 2 | ||||
11/4/2019 | Acquired Unit - Fin | 1 | ||||
2/25/2019 | Acquired Unit - Fin | 2 | ||||
2/22/2019 | ||||||
7/19/2018 |
Date | 12/30/2020 | 11/4/2019 | 2/25/2019 | 2/22/2019 | 7/19/2018 |
---|---|---|---|---|---|
Investment Stage | |||||
Companies | |||||
Valuation | |||||
Total Funding | |||||
Note | Take Private | Acquired Unit - Fin | Acquired Unit - Fin | ||
Sources | 2 | 1 | 2 |
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 | ||||
10/3/2014 | First Reserve Fund XIII |
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 | |||
Status | Open | Closed | |||
Amount | $511M | $465M | $325.9M | ||
Sources | 2 | 3 | 1 |
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 | 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 | ||||
12/5/2011 | Partner |
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 | ||
News Snippet | 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 . | ||
Sources | 1 | 1 | 1 |
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 | |
Service Provider | |||
---|---|---|---|
Associated Rounds | Acquired Unit - Fin | ||
Provider Type | Investment Bank | ||
Service Type | Financial Advisor |
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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