Island Energy Services, LLC (IES), a critical player in Hawaii's energy infrastructure, today announced a definitive agreement to sell a majority stake to a newly formed partnership between First Reserve and funds managed by affiliates of Fortress Investment Group. The transaction, which sees current owner One Rock Capital Partners LLC retaining an affiliate as an investor in IES, marks a significant development in the Hawaiian energy sector. Financial terms of the deal, expected to close in the third quarter of 2025, were not disclosed.

IES boasts a comprehensive and fully integrated import, storage, and distribution network across Hawaii. The company manages leading fuel-import and distribution assets, providing essential services to a diverse clientele including major airlines, refineries, retailers, and government entities. Beyond its wholesale operations, IES also presides over Hawaii's foremost branded fuel retail station network, comprising 50 located Texaco-branded service stations and convenience stores throughout the state. These stations are highly regarded for their superior service and prime locations.

Under One Rock's ownership, IES has undergone a transformative period, evolving into a highly efficient fuel logistics operator. Michael Koike, Partner at One Rock, highlighted the strategic shifts undertaken by IES during their tenure. "During our ownership period, IES has established itself as one of Hawaii's most efficient fuel logistics operators," said Koike. He specifically commended CEO Jon Mauer's leadership in guiding the company through pivotal changes, including a strategic pivot from traditional refinery operations to a focus on fuel transport logistics. This strategic reorientation involved securing key contracts, modernizing its retail network, and crucially, building renewable fuel capabilities. These initiatives have positioned IES at the forefront of Hawaii’s ongoing energy transition, demonstrating a proactive approach to the evolving energy landscape.

Jon Mauer, CEO of IES, expressed enthusiasm for the company's future under the new partnership. "Under One Rock’s ownership, we have transformed our business into one of Hawaii's premier energy infrastructure platforms and executed multiple growth initiatives," Mauer stated. He further added, "We look forward to our next chapter of growth alongside First Reserve, Fortress and One Rock," indicating a seamless transition and continued commitment to the company's strategic objectives.

The transaction signals a new chapter for IES, combining its established operational strength and foresight with the financial backing and expertise of First Reserve and Fortress. This partnership is expected to further solidify IES's position as a key energy provider in Hawaii, supporting the state's energy demands and playing an integral role in its transition towards a more sustainable energy future.