First Reserve Sells GridTek Utility Services to Undisclosed Buyer

GridTek Utility Services Acquires American Power, LLC and Valiant Energy Services

May 2, 2022

Infrastructure

GridTek Utility Services, a First Reserve portfolio company, has acquired American Power, LLC and Valiant Energy Services, LLC to expand its electric transmission and distribution maintenance, repair and upgrade capabilities across the U.S. The simultaneous add-ons nearly double the size of the GridTek platform (pro forma > $350 million in revenue) and increase its geographic footprint and service capacity for investor-owned utilities, cooperatives and municipalities.

First Tek Acquires Cenergy International Services

April 23, 2024

Staffing & HR

First Tek, Inc. has acquired Cenergy International Services, Inc. in a strategic acquisition announced April 2024. Madison Street Capital acted as exclusive advisor to Cenergy; the purchase expands First Tek’s staffing and field services capabilities in the energy, aerospace and industrial sectors.

First Reserve and Fortress Acquire Majority Stake in Island Energy Services from One Rock

June 2, 2025

Energy

A newly formed partnership between First Reserve and funds managed by affiliates of Fortress Investment Group has acquired a majority stake in Island Energy Services (IES) from One Rock Capital Partners, with One Rock remaining as a minority investor. IES is a Hawaii-based integrated fuel import, storage, pipeline and distribution operator that also runs a 50-location Texaco-branded retail network; the transaction closed in mid-2025 and terms were not disclosed.

First Reserve Affiliate to Acquire The Goldfield Corporation

November 24, 2020

Utilities

An affiliate of private equity firm First Reserve has agreed to acquire all outstanding shares of The Goldfield Corporation for $7.00 per share in cash via a tender offer, implying an enterprise value of approximately $194 million. Goldfield, a U.S.-based provider of electrical transmission and distribution maintenance services, will be taken private in a transaction unanimously approved by Goldfield's board and expected to close by January 2021.

LP First Capital Acquires REI Utility Services

September 25, 2024

Utilities

LP First Capital has acquired REI Utility Services, a Texas-based provider of joint-use management and field engineering services for electric cooperatives. The transaction was supported by unitranche debt and an equity co-investment from Graycliff Partners and Brookside Capital Partners; REI's management team will remain in place as the firm pursues geographic and service expansion.

Apollo Acquires PowerGrid Services from The Sterling Group

July 2, 2025

Industrial Services

Apollo has completed the acquisition of PowerGrid Services from The Sterling Group and other existing investors. PowerGrid is a national provider of electric utility maintenance and construction services with more than 1,700 in-house professionals operating across 35 states; Apollo will partner with management and existing investors to support the company’s continued growth and grid modernization efforts.