Island Energy Services Sells Majority Stake to New Partners
Deal News | Jun 02, 2025 | One Rock Capital
One Rock Capital Partners 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 Fortress Investment Group. The agreement, anticipated to close in the third quarter of 2025, marks a significant divestment for One Rock, although it will retain a minority stake. IES has transitioned from a traditional refinery operation to a modern fuel logistics and renewable energy provider under One Rock's ownership, and now operates an integrated import, storage, and distribution network, as well as a leading branded fuel retail chain in Hawaii. CEO Jon Mauer credits this strategic pivot for positioning IES as a key player in Hawaii's energy infrastructure sector. Financial advisors Evercore and Nomura Securities, and legal advisor Latham & Watkins LLP, facilitated the transaction.
Sectors
- Energy
- Private Equity
Geography
- United States – Island Energy Services operates in Hawaii, a state within the United States, and the transaction involves U.S.-based firms.
Industry
- Energy – The article discusses the operations and strategic shifts of Island Energy Services, a company involved in fuel logistics, storage, and distribution.
- Private Equity – The article focuses on the investment activities of One Rock Capital Partners, a private equity firm, and details a transaction involving major equity players.
Financials
- Not disclosed – The financial terms of the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Island Energy Services | Target Company | Company | A leading energy infrastructure company in Hawaii, specializing in fuel logistics and retail. |
| One Rock Capital Partners | PE Firm/Vendor | Company | A private equity firm that holds a stake in Island Energy Services. |
| First Reserve | Buyer | Company | A private equity firm forming a partnership to acquire a majority stake in IES. |
| Fortress Investment Group | Buyer | Company | An investment management firm partnering with First Reserve to acquire a majority stake in IES. |
| Evercore and Nomura Securities International, Inc. | Financial Advisor | Company | Provided financial advisory services to IES for the transaction. |
| Latham & Watkins LLP | Legal Advisor | Company | Provided legal advisory services to IES for the transaction. |