First Reserve Sells Caledonia Oil & Gas Limited to E.on for GBP 470 Million

First Reserve Corporation, a private equity firm specializing in energy industry investments, has sold its portfolio company Caledonia Oil & Gas Limited, a growing North Sea gas production company, to E.on. The transaction, subject to approval by the relevant British authorities, has an enterprise value of GBP 470 million.

"The growth of Caledonia since we formed the company in 2003 reflects the exceptional talent and efforts of the team," said William E. Macaulay, Chairman of First Reserve. "We are extremely pleased to have partnered with them again in this successful transaction. Looking forward for Caledonia, we believe E.on represents a good strategic fit for the company which will allow E.on to substantially expand its access to natural gas reserves that are located predominantly in the U.K. Southern gas basin."

ABN-AMRO acted as sole advisor to First Reserve on the transaction.

First Reserve Corporation is a private equity firm specializing in the energy industry with $4.7 billion under management in four active funds. Founded in 1980, First Reserve was the first private equity investment firm to actively pursue building a broadly diversified investment portfolio within the energy and energy-related sectors. Since raising its initial pure buyout fund in 1992, First Reserve has made 50 principal transactions investing over $3.0 billion in equity. These transactions have had an aggregate total value of over $10.0 billion. In addition, First Reserve portfolio companies have completed another $5.0 billion of acquisitions through more than 200 add-on transactions.

First Reserve's current investments include Dresser, Inc., Dresser-Rand, Power Well Services and Southern Cross. Previous portfolio companies include National Oilwell, Weatherford International, and Highland Energy.