Blackstone Energy Transition Partners Announces Agreement to Acquire Dresser Utility Solutions from First Reserve
Blackstone (NYSE: BX) today announced that funds managed by Blackstone Energy Transition Partners (“Blackstone”) have entered into a definitive agreement to acquire Dresser Utility Solutions (“Dresser”), a premier provider of mission-critical natural gas and water measurement, control and infrastructure equipment solutions, from First Reserve. This represents the first investment of the most recent vintage of Blackstone’s private equity energy transition vehicle.
Founded in 1880 and headquartered in Houston, Texas, Dresser provides metering technology, digital instrumentation and software, pressure and flow control solutions, and infrastructure repair products for gas and water utilities and industrial customers. With approximately 850 employees across its global manufacturing footprint, the company helps customers modernize aging utility infrastructure and improve asset reliability.
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.”
