First Reserve, a Stamford-based global private equity investment firm focused on the energy industry, announced an agreement to purchase Dresser Natural Gas Solutions (Dresser NGS), a Houston-based global original equipment manufacturer of commercial and industrial natural gas meters and pipeline repair products, from Baker Hughes, a General Electric company.
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. Dresser NGS has 450 global employees and has 43 registered trademarks and more than 100 active patents or patent filings around the world.
The financial terms of the acquisition were not made public. The acquisition does not include the business operations and related clients of the Italian-based Dresser Italia S.r.l., which has been sold to Pietro Fiorentini SpA.
“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,” said Jeff Quake, managing director of First Reserve.