First Reserve and Fortress Investment Group to acquire a majority stake in Island Energy Services from One Rock Capital Partners.

Private equity firms First Reserve and Fortress Investment Group agreed to acquire a majority stake in Island Energy Services, an industrial firm that specializes in rendering petroleum products and fuel marketing services to its clientele, from One Rock Capital Partners, a private equity firm. Financial terms were not disclosed. "We are excited to partner with Jon Mauer and the IES team to capture the next phase of strategic growth opportunities for the Company. We look forward to executing on a shared vision for value creation with IES management, including supporting Hawaii's transition to biofuels while continuing to be a world-class partner to a growing base of government, commercial, and retail customers across Hawaii," Paul Steen, First Reserve Managing Director.