In Hawaii, a newly formed partnership between First Reserve, a leading private equity firm investing across energy, utility, and industrial markets, and funds managed by affiliates of Fortress Investment Group, a leading global investment manager, announced an agreement to acquire a majority stake in Island Energy Services, LLC, one of Hawaii’s leading integrated fuel logistics and infrastructure providers. The Company’s current owner, an affiliate of One Rock Capital Partners, LLC will remain an investor in the Company. Financial terms of the transaction, which is expected to close in the third quarter, were not disclosed.
IES operates a fully integrated refined product import, storage, and distribution infrastructure network in Hawaii, managing leading fuel-import and distribution assets that serve major airlines, utilities, retailers, and government customers across the state. The Company’s assets include over 5.7 million barrels of storage capacity and 57 miles of pipeline infrastructure with direct connectivity to Honolulu Airport, as well as Joint Base Pearl Harbor-Hickam. IES also operates Hawaii’s leading branded network of 50 Texaco® service stations and convenience stores strategically located across the state.
“We look forward to executing on a shared vision for value creation with IES management, including supporting Hawaii’s transition to biofuels while continuing to be a world-class partner to a growing base of government, commercial, and retail customers across Hawaii,” said Paul Steen, Managing Director at First Reserve.
Tags: First Reserve, Fortress Investment, Hawaii
Category: Fuels
