M&A activity
Houston company lands first deal from new Blackstone energy transition fund
Asset manager Blackstone has agreed to buy Houston-based Dresser Utility Solutions from Connecticut private equity firm First Reserve for an undisclosed amount. First Reserve has a major presence in Houston.
The deal represents the first investment from Blackstone Energy Transition Partners V.
“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,” Dresser CEO David Evans said in a news release.
Founded in 1880, Dresser provides metering technology, digital instrumentation and software, pressure and flow controls, and infrastructure repair products for gas and water utilities and industrial customers. The company employs about 850 people worldwide.
“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,” David Foley, global head of Blackstone Energy Transition Partners, and JP Munfa, senior managing director, said in the release.
Blackstone Energy Transition Partners has invested more than $28 billion across the energy transition sector. New York-based Blackstone closed Blackstone Energy Transition Partners Fund IV at $5.6 billion in February 2025. Blackstone Energy Transition Partners Fund III closed in 2020 for $4.4 million, according to Pitchbook.
Other notable energy transition investments from Blackstone funds include Salt Lake City-based Energy Exemplar, French electronics manufacturing company Sediver, Plano-based Westwood Professional Services and others.
Two years ago, Dresser secured a $335 million credit facility from funds managed by asset manager Blue Owl Capital. At the time, Dresser said the money would go toward capital expenses, acquisitions and corporate needs.
This is the second notable investment Blackstone has made in a Houston-based energy company in recent months. In May, Blackstone and energy heavyweight Halliburton made a $1 billion equity investment in Houston power generation startup VoltaGrid, which provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.