Blackstone has acquired Dresser Utility Solutions, a Houston-based provider of measurement and control equipment for natural gas and water infrastructure, from private equity firm First Reserve. This marks the initial investment for Blackstone's Energy Transition Partners strategy, which has committed over $28 billion globally to energy transition-related businesses.

Dresser, established in 1880, supplies metering technology, digital instrumentation, software, and repair products to utility and industrial clients. The company employs approximately 850 people worldwide, assisting customers in upgrading infrastructure and enhancing asset reliability amid rising grid demands.

"As demands on the energy grid continue to grow, Dresser plays a critical role as a trusted partner to utilities managing essential infrastructure," stated Blackstone's David Foley and JP Munfa. They indicated Blackstone's intention to use its resources to support Dresser's innovation and expansion.

The deal provides First Reserve, an energy-focused investor since 1983, with an exit from its investment in Dresser. First Reserve has previously deployed over $35 billion in capital across numerous transactions.