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EMG-backed AEPB agrees to buy acres in Permian Basin for $2.5 bln

American Energy – Permian Basin said Monday that it has agreed to acquire about 63,000 acres in the southern Permian Basin, primarily in two Texas counties from Denver-based Enduring Resources for $2.5 billion. AEPB is backed by The Energy & Minerals Group and First Reserve Corp. Goldman Sachs provided the financing for the acquisition. Also, Goldman Sachs, Tudor, Pickering, Holt & Co. and Citi served as financial advisors to AEPB while Jefferies was financial advisor to Enduring.

Reuters – PBF Energy Prices IPO at Mid-Point of Range

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 […]

ANR Chairman to Retire

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 […]

First Reserve Promotes Nine

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.

PE-Backed PBF Energy Files for I.P.O.

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 Commits More to CHC

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 […]

Slideshow: 5 Top PE Firms In Energy & Power

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 Pours $100M into JV

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.

Philly Refineries May Draw Interest From Sponsors

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 […]

WL Ross, Others Put $1B into Diamond S Shipping

Investors including First Reserve Corp., WL Ross & Co., China Investment Corporation, Fairfax Financial Holdings, Morgan Creek Capital Management and PPM America Capital Partners are putting more than $600 million in equity into Diamond S Shipping, the company announced Monday. Additional debt funding will come from Nordea Bank Finland and DnB Nor Bank ASA. The money is being used to fund the acquisition of 30 medium-range refined product carriers to add to the company’s fleet of ten tankers under construction in Korean shipyards.

Slideshow: 10 Largest Pending Q2 LBOs

Buyouts recently wrapped its Q2 quarterly deal wrap-up, and the consensus, to put it bluntly, was ugly. Though our data was cut off at June 15, the results showed U.S.-based PE firms had closed 38 percent less control-stake deals in Q2 than in Q1, according to Thomson Reuters. This suggests many firms have spent much […]

Slideshow: 5 Top Strategic Buyers Of Sponsor-Backed Companies

Corporations and other strategic buyers are presenting buyout shops with serious competition in today’s heated market, but they’re also supplying a rich source of exits, according to the Buyouts cover story, published June 20. As of June 13, strategic buyers around the world bought 15,825 companies, including full or partial stakes, with a combined value […]

First Reserve Buys Metallum in $964M Deal

First Reserve Corp., a private equity investor in energy and natural resources industries, has acquired Belgium-based metal refining and recycling company Metallum Holdings S.A. The deal is valued at 670 million euro ($964 million).

Allen To Join Board of PBF Energy Co.

Jefferson Allen has been elected to the board of PBF Energy Co., which is backed by the Blackstone Group and First Reserve Corp. Allen will serve as chairman of PBF’s audit committee.

First Reserve Expands Energy Infrastructure Team

Private investment firm First Reserve Corp. has expanded its energy-infrastructure team, adding James Berner as director, and Adi Blum and Mark Saxe as vice presidents. Berner joins from from General Electric Capital Energy Financial Services, where he was a managing director and led coverage of the U.S. utility sector. Saxe joins from Loews Corp., where he was a director. Blum joins from High Road Capital Partners, a middle market private equity firm where he served as a vice president.

GE Closes $3B Acquisition of Energy Co. Dresser

GE has closed its $3 billion acquisition of energy infrastructure and service provider Dresser Inc. The Addison, Texas-based company was owned by Riverstone Holdings LLC and First Reserve Corporation. First Reserve is an energy industry investor, while Riverstone Holdings is a PE firm focused on the energy and power sectors.

Buckeye Partners Pays $1.36B For Bahamas Oil Refining Co.

Pipeline operator Buckeye Partners will buy an 80% stake in Bahamas Oil Refining Co. from private equity firm First Reserve Corp., in a deal valued at $1.36 billion, Reuters said. Under the terms of the deal, Buckeye will issue about 4.4 million limited partner units of a new class of interests at $57.04 each to First Reserve, Reuters said.

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