Blackstone Energy Transition Partners Makes First Deal from New Fund

Funds managed by Blackstone Energy Transition Partners have agreed to acquire Dresser Utility Solutions from private equity firm First Reserve.

The acquisition represents the first investment from Blackstone Energy Transition Partners V, a vehicle the firm is currently raising. Its predecessor fund closed in February 2025 with $5.6 billion in total commitments.

Founded in 1880 and headquartered in Houston, Dresser provides metering technology, digital instrumentation, software, pressure control, and infrastructure repair products for gas and water utilities. With approximately 850 employees across its global manufacturing footprint, the company helps operators modernize aging infrastructure and improve asset reliability.

“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.

The Dresser deal expands Blackstone’s portfolio of companies serving the utility and energy infrastructure markets. It marks the group’s third acquisition this year, following previous deals for electrical fittings manufacturer Arlington Industries and thermal management specialist Advanced Cooling Technologies.

“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,” David Evans, chief executive officer of Dresser Utility Solutions, added.

Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions. D.A. Davidson & Co. and Jefferies acted as financial advisors and Kirkland & Ellis acted as legal advisor to Blackstone. Harris Williams served as financial advisor and Simpson Thacher & Bartlett served as a legal advisor to Dresser.