Island Energy Services Prepares for New Chapter with First Reserve and Fortress
Deal News | Jun 02, 2025 | One Rock Capital
One Rock Capital Partners, a private equity firm, has announced the sale of a majority stake in its portfolio company, Island Energy Services (IES), to a newly established partnership between First Reserve and funds managed by Fortress Investment Group. The transaction is expected to close in the third quarter of 2025. IES is a significant player in Hawaii's energy sector, overseeing fuel import, storage, and distribution networks, and operating a network of Texaco-branded service stations. Under One Rock's ownership, IES has shifted focus from refinery operations to logistics, secured key contracts, and modernized its retail network. The new partnership aims to advance IES's growth, leveraging IES's infrastructure in Hawaii to continue its leadership in energy logistics and retail. Financial advisors for the deal were Evercore and Nomura Securities, with Latham & Watkins LLP serving as legal advisor.
Sectors
- Energy Infrastructure
- Private Equity
- Logistics
Geography
- Hawaii, United States – Island Energy Services' operations are primarily based in Hawaii, where it manages key energy infrastructure and services.
- United States – The private equity participants involved in the transaction, such as One Rock Capital Partners and First Reserve, are based in the United States, contributing to the country's economic activity and investment landscape.
Industry
- Energy Infrastructure – Island Energy Services operates in the Energy Infrastructure industry through its integrated fuel storage, transport, and distribution network in Hawaii.
- Private Equity – The transaction involves private equity firms, One Rock Capital Partners, First Reserve, and Fortress Investment Group, making investments in Island Energy Services.
- Logistics – Island Energy Services focuses on fuel transport logistics as part of its operations, contributing significantly to the logistics industry sector.
Financials
- Not disclosed – The financial terms of the transaction between Island Energy Services and the new partnership of First Reserve and Fortress Investment Group.
- Third quarter of 2025 – Expected closing date of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Island Energy Services, LLC | Target Company | Company | A leading fuel logistics and infrastructure company in Hawaii, operating Texaco-branded service stations. |
| One Rock Capital Partners, LLC | Selling Company | Company | A private equity firm that invests in companies with growth potential, currently holding a stake in Island Energy Services. |
| First Reserve | Bidding Company | Company | A private equity firm investing in energy, utility, and industrial markets, forming a new partnership to acquire a majority stake in Island Energy Services. |
| Fortress Investment Group LLC | Bidding Company | Company | A global investment manager with diversified strategies, part of the partnership acquiring a majority stake in Island Energy Services. |
| Evercore | Financial Advisor | Company | Provided financial advisory services for the transaction involving Island Energy Services. |
| Nomura Securities International, Inc. | Financial Advisor | Company | Served as financial advisor in the transaction, assisting Island Energy Services. |
| Latham & Watkins LLP | Legal Advisor | Company | Provided legal advisory services for Island Energy Services in the deal. |