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First Reserve Pivots From Big Energy to Embrace Midsize Infrastructure Businesses

Wall Street Journal | September 11, 2024

First Reserve, a private-equity firm, has shifted its focus from large energy sector deals to investing in mid-sized companies that provide specialized services and engineered products to infrastructure operators. This pivot has resulted in a series of profitable exits, including the sale of CHA Consulting and USA DeBusk to H.I.G. Capital, and GridTek Utility Services to BlackRock. The firm also sold Intero Integrity Services to Rivean Capital, aligning its strategy with the rising demand for clean energy and stable infrastructure investments.

Christian Busken, director of real assets at FEG, highlighted this transition, stating that First Reserve has “pivoted their strategy and maybe they’ve done that successfully.” This new approach contrasts with other energy-focused private equity firms that have struggled with losses and limited capital-raising abilities.

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