Blackstone Energy Transition Partners is acquiring Dresser Utility Solutions from First Reserve on behalf of its latest fund.
Blackstone has agreed to acquire the provider of natural gas and water measurement, control and infrastructure equipment solutions in a deal it says represents the first deployment from the most recent vintage of its private equity energy transition business.
Financial details were not disclosed.
Last month, IPE Real Assets reported that the Oregon Public Employees Retirement Fund had committed $150m (€131m) to Blackstone’s latest vehicle, Blackstone Energy Transition Partners V, which market sources expect to raise more than $5.6bn.
Established in 1880 and headquartered in Houston, Texas, Dresser provides metering technology, digital instrumentation, pressure and flow control systems and infrastructure repair products to gas and water utilities, as well as industrial clients.
David Foley, global head of Blackstone Energy Transition Partners, and JP Munfa, senior managing director, said: “As demands on the energy grid continue to grow, Dresser plays a critical role as a trusted partner to utilities managing essential infrastructure.
“The company’s products are foundational to the safe and reliable operation of gas and water networks, and its reputation for quality has helped build longstanding customer relationships. We look forward to leveraging Blackstone’s scale and resources to help Dresser continue to serve its customers, innovate and grow.”
David Evans, CEO of Dresser Utility Solutions, said: “This transaction marks an exciting milestone for Dresser and reflects the exceptional work of our entire team. Blackstone’s deep resources and experience in the utility sector make them an ideal partner as we continue to invest in innovation, expand our product portfolio and deliver value for our customers.
“We are energised by what lies ahead and are grateful to First Reserve for their invaluable partnership in helping build Dresser into the company it is today.”
Jeff Quake, managing partner at First Reserve, said: “We’re grateful to have partnered with the Dresser team to build a leading infrastructure technology platform helping utilities optimise assets and manage the digital transformation process.
“Dresser is well positioned to continue the execution of its growth strategy, and we wish David Evans and the entire team well as they look to build on the company’s momentum in this exciting new chapter.”
To read the latest IPE Real Assets magazine click here.
