Blackstone Inc. (BX) on Monday, July 6, said funds managed by Blackstone Energy Transition Partners agreed to acquire Dresser Utility Solutions from First Reserve Corp.

New York-based Blackstone didn’t disclose the financial terms of the transaction, which marks the first investment from its latest vintage private equity energy transition vehicle.

The acquisition comes after The Deal reported in March that First Reserve was working with Harris Williams LLC to solicit buyers for Houston-based Dresser, which generated roughly $75 million of Ebitda on $375 million of revenue in 2025, according to sources.

The Deal said strategic buyers such as Badger Meter Inc. (BMI) and Itron Inc. (ITRI) could have interest in Dresser if they sought to expand further into natural gas, though sponsor interest was seen as more likely.

Founded in 1880, 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.

Utilities use Dresser’s products to measure, control, repair and maintain gas and water infrastructure. The company said its portfolio helps customers modernize aging utility networks, improve asset reliability, reduce emissions and product loss and lower operating costs.

First Reserve bought the natural gas meters division of Dresser from Baker Hughes Co. (BKR) in July 2018 for an undisclosed amount and rebranded the business as Dresser Utility Solutions in 2021.

Blackstone plans to use its scale and resources to support Dresser’s growth and innovation, expand its product portfolio and improve customer service. It said Dresser plays a critical role as utilities manage essential infrastructure amid rising demand on the energy grid. The sale also comes as utilities continue to invest in aging gas and water networks, emissions reduction and digital monitoring tools, the buyer added.

New York-based Blackstone invests across private equity, real estate, credit and hedge funds, as well as infrastructure, life sciences, insurance and growth equity. The firm closed its latest flagship private equity fund, Blackstone Capital Partners IX, with about $21 billion in commitments last year.

Blackstone Energy Transition Partners makes control-oriented equity investments in energy-related businesses. The strategy has invested more than $28 billion of equity globally across sectors tied to the energy transition.

First Reserve, based in Stamford, Conn., invests in energy, utility and industrial businesses. The firm focuses on companies tied to energy infrastructure, equipment, services and related markets. It typically invests $50 million to $500 million in equity per transaction.

First Reserve as of March had raised $235 million for its second middle market infrastructure solutions offering, FR Evolution II, with a reported $750 million target and $850 million hard cap.

D.A. Davidson & Co. and Jefferies LLC provided financial advice to Blackstone, while Kirkland & Ellis LLP provided counsel.

Harris Williams was financial adviser to Dresser, with a Simpson Thacher & Bartlett LLP team of Michael T. Holick, Samyel Lee, Madeline E. Moore and Dashia S. Kwok provided legal advice.