The Firm is representing Dresser Utility Solutions and First Reserve in connection with the entry into a definitive agreement to sell Dresser Utility Solutions to funds management Blackstone Energy Transition Partners. The transaction is subject to customary closing conditions. Terms of the transaction were not disclosed.
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, Dresser helps customers modernize aging utility infrastructure and improve asset reliability.
First Reserve is a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure and Resources strategies with exposure in energy, utility, and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight, has raised over $35 billion of aggregate capital and has developed operational expertise built from over 750 transactions, including platform investments and add-on acquisitions.
The Simpson Thacher team included Michael T. Holick, Samyel Lee, Madeline Moore and Dashia Kwok (M&A); Andrew Purcell and Matthew Lester (Tax); Larry Moss and John O’Neill (ECEB); Eli Isak and Janhvi Barthwal (Credit); Lori Lesser and Tally Smitas (IP); Krista McManus (Real Estate); and Michael Isby (Environmental).