Funds managed by Blackstone Energy Transition Partners have signed a definitive agreement to acquire Dresser Utility Solutions from First Reserve, marking the first investment from the latest vintage of Blackstone’s private equity energy transition fund.
Founded in 1880 and headquartered in Houston, Texas, Dresser Utility Solutions supplies measurement, control and infrastructure equipment for natural gas and water networks. Its portfolio includes metering technologies, digital instrumentation and software, pressure and flow control systems, and infrastructure repair products used by utilities and industrial customers. The company employs around 850 people across its global manufacturing operations and focuses on supporting the modernization of utility infrastructure while improving asset reliability.
Commenting on the transaction, 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, described the agreement as “an exciting milestone” for the company, adding: “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.”
First Reserve also highlighted Dresser’s progress during its ownership. 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 optimize assets and manage the digital transformation process.”
Financial terms of the transaction were not disclosed. The acquisition remains subject to customary closing conditions.
