FIRST RESERVE ANNOUNCES AGREEMENT TO ACQUIRE DRESSER NATURAL GAS SOLUTIONS FROM BAKER HUGHES, A GE COMPANYSTAMFORD, CT; HOUSTON, TX; LONDON, U.K. – July 18, 2018 – First Reserve, a leading global private equity investment firm exclusively focused on energy, today announced an agreement to purchase Dresser Natural Gas Solutions (“Dresser NGS”), a global original equipment manufacturer of commercial and industrial natural gas meters and pipeline repair products, from Baker Hughes, a GE company. The business operations and related clients of Talamona, Dresser Italia S.r.l. will not be included in the sale.
Originally founded as a core business unit of Dresser, Dresser NGS encompasses trusted, recognized brands with a 135+ year history. With approximately 450 global employees, Dresser NGS has highly accurate, scalable manufacturing capabilities for proprietary Dresser products including natural gas meters and instruments and gas pipeline solutions, as well as additional manufacturing of chemical injection pumps and electric actuators. Dresser NGS’ equipment serves diverse energy end-markets, including the gas distribution utility, midstream, and petrochemical industries, where replacement and upgrade of aging infrastructure is critical. The company also has a history of innovation and capitalizes on industry trends of integrity and safety on behalf of its long-term customer base. Dresser NGS has 43 registered trademarks and more than 100 active patents or patent filings around the world.
First Reserve previously owned the business for approximately 10 years when it was part of Dresser, Inc., a former First Reserve portfolio company which was sold to GE in 2011.
Jeff Quake, Managing Director of First Reserve, commented, “Our investment in Dresser NGS represents a continuation of First Reserve’s thematic approach to investments targeting the asset integrity sector. With our previous knowledge of the business and global network, we are excited to help Dresser NGS grow market share and continue to deliver advanced solutions for its suite of blue-chip utility and other midstream customers. We believe Dresser NGS has a resilient business model, a leading brand, and a global footprint which position the company well for the future.”
Transaction terms were not disclosed.
About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy. With 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed over 650 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.
For First Reserve media inquiries, please contact:
Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher