September 17, 2014 7:49 PM ET

Capital Markets

Company Overview of First Reserve Corporation

Company Overview

First Reserve Corporation is a private equity firm specializing in buyouts, growth capital, and industry consolidations in middle market companies. It also makes infrastructure investments. The firm seeks to invest in the energy and natural resource industry with a focus on energy manufacturing and oilfield services such as drilling service providers and wellhead equipment manufacturers, equipment, manufacturing and service related companies, power related companies, renewable and alternative energy, energy-related insurance and financial products, and energy reserves such as oil, natural gas, coal producers, as well as uranium, iron ore, and other minerals, energy infrastructure such as fir...

One Lafayette Place

Greenwich, CT 06830

United States

Founded in 1983





Key Executives for First Reserve Corporation

Chief Executive Officer
Age: 68
Age: 40
Chief Financial Officer
Managing Director and Chief Operating Officer
Age: 57
Managing Director and Vice Chairman
Age: 72
Compensation as of Fiscal Year 2014.

First Reserve Corporation Key Developments

PetrolValves Reportedly Receives Interests

PetrolValves S.r.L. has attracted the interest of several large companies and buy-out players. Reuters reported quoting sources as saying that that the company possible buyers are preparing to make binding offers to purchase PetrolValves. The news report stated that potential bidders include General Electric Company (NYSE:GE), IMI plc (LSE:IMI), First Reserve Corporation, and CVC Capital Partners Limited. One of the sources added that Emerson Electric Co. (NYSE:EMR) too may be a potential suitor. Reuters added that PetrolValves announced earlier that it was looking for a buyer of the majority stake held by the Candiani family. The bids could value the company at more than €1 billion. Sourced added that binding offers will be accepted until the end of September 2014 and a purchase agreement could be signed before the end of 2014.

E.ON Italia Reportedly Eyed By Many Bidders

E.ON SE (DB:EOAN) has put its Italian and Spanish assets on the block in two separate but simultaneous auctions as it aims to cut debt and restructure and tentative offers will be received worth about €2 billion for E.ON Italia S.p.A. early next week, Reuters reported citing people familiar with the matter. The assets include about 6 gigawatts (GW) of generation capacity, a stake in a liquefied natural gas (LNG) terminal as well as sales activities. Edison S.p.A. (BIT:EDNR) owned by Electricite de France SA (ENXTPA:EDF), ACEA S.p.A. (BIT:ACE), ERG SpA (BIT:ERG) are believed to bid for E.ON Italia S.p.A. Terra Firma Capital Partners Limited, Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) and First Reserve Corporation are also expected to hand in tentative offers by the August 11, 2014 deadline. GDF SUEZ S.A. (ENXTPA:GSZ) had also expressed interest in E.ON Italia S.p.A. and had been looking for advisors, but it remained unclear if it would be among the bidders. E.ON SE is now hoping to see fresh demand for its Italian unit, which it aims to sell for up to €3 billion while bidders are expected to put the price closer to €2 billion. E.ON SE and the potential bidders declined to comment, except for Edison S.p.A. and ACEA S.p.A. which were not immediately available for comment. Luca Bettonte, Chief Executive Officer of ERG SpA said on August 7, 2014 that the company was interested in certain deals in Italy to grow its renewable business.

First Reserve Announces Promotions to the Management Team

First Reserve announced the promotion of two investment professionals within the Buyout Funds team. The promotions further strengthen the Firm's team which continues to uphold the Firm's 30-year tradition of diverse energy sector investments around the world. The promotions become effective as of July 1, 2014, and include: Jesse Krynak, promoted to Vice President. Jesse has been a key contributor to activity across all three of First Reserve's core sectors since joining the firm in 2010. He has involvement in the Midstream/Downstream sector through PBF Energy, in the Equipment & Services sector through TNT Crane & Rigging and in the Resources arena through Deep Gulf I and II as well as RKI E&P. Prior to joining First Reserve, Jesse worked as a Financial Analyst in the Global Energy Investment Banking Division at Credit Suisse. Prior to Credit Suisse, Jesse was a Financial Analyst at The Boeing Company. As a Vice President, Jesse will continue to help drive portfolio company growth and value accretion across the firm's targeted sectors of the energy industry. He is based in the Houston office. David McFarland, promoted to Vice President. Since joining the firm in 2010, David has proven to be a valuable contributor in both the Midstream/Downstream and Equipment & Services sectors -- with involvement in midstream investments BORCO, Midstream Enterprises, FR Midstream and Century Midstream, as well as E&S investment Saxon Energy Services. Prior to joining First Reserve, David was an Analyst in the Investment Banking Division, Global Natural Resources Group, at Barclays Capital. As a Vice President, David will continue to focus on portfolio company optimization and platform enhancement, maintaining his focus in particular on the Midstream. He is based in the Houston office.

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