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Blackstone Energy Transition Partners Announces Agreement to Acquire Dresser Utility Solutions from First Reserve
Blackstone Energy Transition Partners Announces Agreement to Acquire Dresser Utility Solutions from First
About this update from Blackstone Inc.
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.” 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 energized 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 optimize 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 ...