First Reserve and Fortress Investment Group to Acquire Majority Stake in Island Energy Services
- Editor
- Jun 2
- 2 min read
Whats Happening:
First Reserve and Fortress Investment Group have announced an agreement to acquire a majority stake in Island Energy Services, LLC (IES), a leading integrated fuel logistics and infrastructure provider in Hawaii. The current owner, One Rock Capital Partners, will remain an investor. IES operates a network of fuel import, storage, and distribution assets across Hawaii, including over 5.7 million barrels of storage capacity and 57 miles of pipeline infrastructure.
Key Moves:
First Reserve and Fortress Investment Group to acquire majority stake in Island Energy Services
One Rock Capital Partners to remain an investor in IES
Deal expected to close in the third quarter of 2025
By The Numbers:
IES has over 5.7 million barrels of storage capacity
IES operates 57 miles of pipeline infrastructure
IES manages a network of 50 Texaco® service stations in Hawaii
Key Quotes:
"We believe that existing domestic distribution businesses and logistics infrastructure, including refined product storage and terminal assets, will continue to play a meaningful role in meeting the energy demands of the US economy," said Gary Reaves and Neil Wizel, Managing Partners at First Reserve.
"IES's energy infrastructure is of high strategic and economic value for Hawaii and its communities," added Drew McKnight, Co-CEO and Managing Partner, Fortress Investment Group.
"We look forward to this new growth chapter and working with First Reserve and Fortress to build on the momentum across our business as we continue to meet the energy needs of our island communities," said Jon Mauer, President and CEO of IES.
Bottom Line:
The acquisition of Island Energy Services by First Reserve and Fortress Investment Group represents a significant investment in Hawaii's energy infrastructure. The deal aims to leverage First Reserve's experience in value-added infrastructure investments while supporting IES's growth and transition to biofuels. This transaction highlights the continued importance of domestic energy distribution and logistics assets in meeting US energy demands.
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