First Reserve, a large global private equity firm exclusively focused on energy, through First Reserve Fund XII, has acquired Dixie Electric LLC from private investment company One Rock Capital Partners LLC. Dixie is a US provider of electrical infrastructure materials and services to the upstream oil and gas sector. Financial terms of the transaction were not disclosed.
Founded in 1951, Dixie provides electrical infrastructure and automation services from initial development throughout the life of an oilfield, including ongoing infrastructure upgrades and periodic maintenance. Further, the company has exposure to several upstream trends with significant electrical requirements such as automation, artificial lift and enhanced oil recovery. Dixie is headquartered in Odessa, TX.
The company has grown through a number of acquisitions to become one of the few pure-play providers of electrical infrastructure services in the Permian and Williston basins.
Neil Wizel, managing director of First Reserve, commented, “We believe the electrical infrastructure and automation services market is a compelling sub-segment of the North American oilfield equipment and services space.”
William Blair & Company LLC served as financial advisor to Dixie.