First Reserve Corporation


First Reserve Corporation

Infobox_Company
company_
company_name = First Reserve Corporation
company_type = Private Ownership
foundation = 1984
location =

industry = Private Equity, Energy industry
products = Leveraged Buyout (energy sector)
assets = $13 billion [Capital raised since inception in 1984]
homepage = [http://www.firstreserve.com/ www. firstreserve.com]
num_employees = 55+ (2007)

First Reserve Corporation is a private equity firm specializing in leveraged buyouts and growth capital investments in the energy sector. First Reserve was founded in 1984 and is the oldest private equity dedicated to investments in the energy sector..

As of the end of 2007, First Reserve had approximately 55 employees across three offices in Greenwich, Connecticut, Houston, Texas and London, England.

Investments

The firm is currently investing out of its eleventh private equity fund First Reserve Fund XI LP, raised in 2006 with approximately $7.8 billion of investor commitments, which is the largest energy focused fund raised to that point. [Taylor, James. " [http://www.efinancialnews.com/usedition/index/content/1045333685 First Reserve raises record $8bn energy fund] ." DowJones Financial News, August 9, 2006.] Fund XI was more than $5.5 billion larger (and three times the size) of Fund X which closed with $2.3 billion in 2004. First Reserve's fundraising has benefited from the recent focus on the energy industry in the broader market.

In 2008, First Reserve advanced its renewable energy investment program with the €261 million acquisition of Gamesa Solar. Additionally, First Reserve committed €600 million to form a European renewable energy group with the ability to deliver solar capacity of up to 400MW in Southern Europe by 2012. [Arnold, Martin. " [http://www.ft.com/cms/s/0/e91ef8ce-155a-11dd-996c-0000779fd2ac.html First Reserve to invest $940m in solar energy] ." Financial Times, April 28, 2008 ] Among First Reserve's most notable transactions in the traditional energy sector include:
*Brand Services, 2007 [ [http://www.buyoutsnews.com/story.asp?storycode=41244 First Reserve Buys Infrastructure Services Co.] Buyouts, January 22, 2007.]
* Dresser Industries - 2004 [Rozhon, Tracie. " [http://query.nytimes.com/gst/fullpage.html?res=940CE4DD133EF935A1575BC0A9629C8B63 Buyout Firm to Acquire Ingersoll-Rand Unit] ." New York Times, August 26, 2004.]
*Pride International, 1999 [Acquisition of the sixth-largest United States drilling company. " [http://query.nytimes.com/gst/fullpage.html?res=9D01E0DA103CF935A35756C0A96F958260 COMPANY NEWS; PRIDE TO SELL SHARES WORTH $75 MILLION TO FIRST RESERVE] ." New York Times, May 6, 1999.]
*Enterra Corporation, 1994 [" [http://query.nytimes.com/gst/fullpage.html?res=9F02E0D61431F93AA25757C0A962958260 COMPANY NEWS; ENTERRA TO ACQUIRE TOTAL ENERGY SERVICES] ." New York Times, April 19, 1994.]

Other notes

In September 2006, First Reserve Corporation Chairman and Chief Executive Officer donated $30 million to the City University of New York (the largest single donation in the history of CUNY) to endow The William E. Macaualay Honors College.

References

*Sorkin, Andrew Ross, ed. " [http://dealbook.blogs.nytimes.com/2008/04/22/schlumberger-and-first-reserve-in-talks-to-buy-saxon/ Schlumberger and First Reserve in Talks to Buy Saxon] ." New York Times DealBook, April 22, 2008
*Expro International Group. Saigol, Lina and Pignal, Stanley " [http://www.ft.com/cms/s/0/5290a6fe-e734-11dc-b5c3-0000779fd2ac.html Candover courts oilfield operator Expro] ." Financial Times, March 1, 2008
* Simon, Bernard " [http://www.ft.com/cms/s/0/6245d88e-e16d-11dc-a302-0000779fd2ac.html First Reserve lines up offer for CHC Helicopter] ." Financial Times, February 22 2008.

External links

* [http://www.firstreserve.com/ First Reserve Corporation] (official website)
* [http://investing.businessweek.com/businessweek/research/stocks/private/snapshot.asp?privcapId=93036 First Reserve Corporation Profile] BusinessWeek
* [http://www.hoovers.com/dresser/--ID__105904--/free-co-factsheet.xhtml Dresser, Inc. profile] Hoovers.com


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