First Reserve president resigns

Ben Guill has resigned as president of the US private equity firm that specialises in the energy industry.

First Reserve’s president, Ben Guill, has resigned after eight-and-a-half years with the Greenwich, Connecticut-based firm.

 “It’s a personal decision for him to spend more time with his family and explore other opportunities,” said Kristin Custar, the firm’s director of investor relations. The energy-focused private equity firm has not named a successor.

Guill joined First Reserve in 1998, and was responsible for deal origination, investment structuring and monitoring, and management. Prior to joining the firm, he spent 18 years with investment bank Simmons & Company International, where he was a managing director and co-head of investment banking.

Custar said First Reserve’s investors were notified Thursday of Guill’s resignation.

On Tuesday, the firm announced it was selling part of its stake in Dresser, a producer of infrastructure products for the global energy industry, to Riverstone Holdings for an undisclosed amount. First Reserve had acquired Dresser, along with Odyssey Investment Partners, from Halliburton in 2001.

Along with Lehman Brothers Co-Investment Partners, First Reserve will also serve as an investor in the Riverstone-led deal, contributing equity from its First Reserve Fund XI, which closed in July 2006 on $7.8 billion.

Founded in 1983, First Reserve manages approximately $12.5 billion in capital and has four active funds.