Texan oil exploration and production company Cobalt International Energy Inc. has commenced a public offering of 50,000,000 shares of common stock, all of which will be offered by selling stockholders affiliated with U.S. and Canadian private equity firms First Reserve Corp., Goldman, Sachs & Co., Riverstone Holdings, The Carlyle Group, and KERN Partners. Cobalt was acquired by these firms at the time of its establishment in 2005, and went public in 2009.
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Independent petroleum refiner PBF Energy Inc has priced shares in its initial public offering at $26 each, the mid-point of its expected price range, writes Reuters. New Jersey-based PBF Energy intends to use the proceeds from the offering to buy back the stake held by private equity firms Blackstone Group and First Reserve Corp. Reuters [...]
First Reserve hopes to get lucky with its 13th fund.
US coal producer Alpha Natural Resources has announced that its chairman of the board, Michael Quillen, has chosen not to stand for re-election and will retire as chairman. Quillen formed Alpha in 2002 and headed the company during its IPO in 2005. In early 2003, Quillen teamed up with private equity firm First Reserve Corp [...]
Investment firm First Reserve Corp. has promoted nine members of its team: Michael France, Francesco Giuliani, Neil Hartley, John Mogford and Joshua Weiner were promoted to Managing Directors. Gary Reaves, Ryan Shockley and Ryan Zafereo became Directors. Matthew Raben was promoted to Director, Legal.
PBF Energy Inc., which is backed by buyout shops Blackstone Group and First Reserve Corp., has filed with regulators to raised up to $100 million in an initial public offering. The company, based in Parsippany, New Jersey, is a petroleum refiner. Citigroup, Morgan Stanley, Credit Suisse and Deutsche Bank Securities are underwriting the IPO, Reuters said.
First Reserve Corp has invested $80 million against a commitment of an additional $100 million in equity in the global helicopter-services company CHC Helicopter. CHC announced the planned investment in September to help fund continued expansion in the midst of strong industry growth. PRESS RELEASE CHC Helicopter said that its owner, First Reserve Corp., has [...]
Private equity activity in the energy and power sector has picked up lately, with U.S.-based sponsors closing 39 control-stake deals globally with a disclosed deal value of $5 billion in 2011 as of Sept. 30, according to a Buyouts feature to be published Monday. That puts them on pace to outdo last year’s results, when [...]
First Reserve Corp. is pouring $100 million into a joint venture with Energy Corp. of America, focused on energy infrastructure in the Marcellus shale region, Reuters reported Tuesday. First Reserve will hold a 50% stake in the two natural gas gathering systems in Pennsylvania. First Reserve is making the investment through its $1.2 billion infrastructure fund.
Credit Suisse, the investment bank Sunoco Inc. hired to shop two oil refineries in Philadelphia, is reaching out to private equity firms as potential buyers, Buyouts recently reported, citing an executive at one firm who received a book on the sale. Executives at the oil company said last month it would sell the two refineries—one [...]