Energy-focused private equity firm First Reserve has invested in Hoover Container Solutions.
Houston-based Hoover provides chemical tanks, cargo carrying units and related products and services to the energy, petrochemical and industrial markets. Hoover has 15 facilities in North America, South America, Europe, Australia, the Middle East and Southeast Asia. Terms of the transaction were not disclosed.
First Reserve's investment should help Hoover expand and introduce new products and services.
Greenwich, Connecticut-based First Reserve invests in energy and energy services companies. The firm has raised more than $30 billion in capital and completed more than 475 deals.
In June, the firm closed a $2.5 billion fund. First Reserve's other investments include TNT Crane & Rigging, which it bought in October 2013, and Utility Services Associates, which it invested in in September 2013.
There have been several recent deals surrounding oil and gas services companies. In November, Crestview Partners partnered with B-29 Investments to form Endurance Lift Solutions, and in October, Clearlake Capital Group LP bought AmQuip Holdings.