First Reserve invests in Palmdale Oil

• The Cheatham family has retained a significant stake in the business and will continue to lead the company
• Citizens M&A Advisory acted as financial advisor to Palmdale and Citizens provided debt financing to support the transaction
• First Reserve invests in the diversified energy, infrastructure, and general industrial end-markets

First Reserve has made an investment in Fort Pierce, Florida-based Palmdale Oil, a provider of fuels, lubricants, and chemicals with delivery solutions. No financial terms were disclosed.

The investment will be used to support Palmdale’s growth.

The Cheatham family has retained a significant stake in the business and will continue to lead the company.

Palmdale was founded by William Cheatham in 1984. Lachlan Cheatham has led the business since 2002.

On the deal, Neil Wizel and Paul Steen, managing directors at First Reserve, said in a statement, “Over nearly 40 years, Palmdale has built an exceptional reputation based on reliability, a tailored offering, and an unwavering commitment to customer service. As the company continues to expand its presence and grow its loyal customer base in the attractive and growing Florida market, we are excited to partner with the team to support the business in its next phase growth.”

Citizens M&A Advisory acted as financial advisor to Palmdale and Citizens provided debt financing to support the transaction.

First Reserve invests in the diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has raised more than $32 billion of aggregate capital since inception.