First Reserve, a global private equity investment firm focused on investing across energy, infrastructure and industrial end-markets, has partnered with Palmdale Oil, a provider of fuels, lubricants and chemicals with delivery services across Florida.
Founded by William Cheatham in 1984, Palmdale currently operates in more than 50 counties across Florida and offers a range of commercial fuel and lubricant services to customers in the agricultural, industrial, construction, marine and government sectors. First Reserve invested in the company and committed additional equity capital to support Palmdale’s growth strategy in partnership with the Cheatham family, including Lachlan Cheatham, CEO, Kendall Cheatham, vice president, and Mallory Cheatham Doremus, sales and marketing. The family has retained a significant stake in the business and will continue to lead the company.
“As the company continues to expand its presence and grow its loyal customer base in the attractive and growing Florida market, we are excited to partner with the team to support the business in its next phase growth,” says Neil Wizel and Paul Steen, managing directors at First Reserve.