First Reserve acquires Dixie Electric

The energy-focused private equity firm has acquired Dixie Electric from One Rock Capital Partners for an undisclosed amount.

US-based private equity firm First Reserve has acquired Dixie Electric from One Rock Capital Partners, the companies said Thursday in a statement.

The Connecticut firm made the acquisition through its First Reserve Fund XII, a global buy-out vehicle the firm closed in mid-2009 on approximately $9 billion.

“We believe the electrical infrastructure and automation services market is a compelling sub-segment of the North American oilfield equipment and services space,” First Reserve managing director Neil Wizel said referring to the Odessa, Texas-based company that provides electrical infrastructure materials and services to the upstream oil and gas sectors.

Founded in 1951, Dixie also has exposure to several upstream trends with significant electrical requirements such as automation, artificial lift and enhanced oil recovery.

The company has grown through a number of acquisitions. It intends to pursue additional add-on opportunities to both increase market share in its existing basins as well as to expand into new geographies, the company said in the statement.

Founded in 1983, First Reserve has raised more than $24 billion of aggregate capital since inception and completed more than 475 transactions around the world. In addition to its Greenwich headquarters, the firm also has offices in Houston, Texas; London and Hong Kong.

New York-based One Rock Capital was founded in 2011 and focuses on control-oriented investments in middle market companies, primarily in North America.