DALLAS -- Dresser Inc.parent company of Addison, Texas-based Dresser Wayne retail fueling systemshas announced that a consortium led by Riverstone Holdings LLC has completed the previously announced acquisition of the company, which is a leader in providing highly engineered infrastructure products to the global energy industry.
The company also announced that John P. Ryan, president and COO, is replacing Patrick M. Murray as CEO. Murray retired from his position effective with the completion of the sale.
The change in ownership [image-nocss] of Dresser will be transparent to our customers and employeesit's business as usual, said Ryan. The Dresser name has been synonymous with the energy industry for more than a hundred years, and our global presence, strong brands and long-time reputation for reliability and service in the energy industry will continue to serve us well in the future. Our new owners have considerable experience and insights into the energy industry worldwide, and we look forward to benefiting from the expertise they bring.
Riverstone is joined by First Reserve and Lehman Brothers Co-Investment Partners in the investor group. First Reserve previously acquired Dresser in 2001 in partnership with Odyssey Investment Partners and is investing in the current transaction through its recently formed First Reserve Fund XI LP. Riverstone is investing through its Carlyle/Riverstone Global Energy and Power Fund III LP. The terms of the transaction were not disclosed.
Ryan was appointed president and CEO of Dresser in December 2004. He had previously served as president of Dresser Wayne, the largest division of Dresser, from 1999 to 2005. Prior to joining Dresser Wayne in 1987 as national accounts sales manager he served in various international and domestic sales positions for Goulds Pumps Inc.
Dresser provides highly engineered infrastructure products for the global energy industry. The company enjoys leading positions in a broad portfolio of products including valves, actuators, meters, switches, regulators, piping products, natural gas-fueled engines, retail fuel dispensers and associated retail point of sale systems, and air and gas handling equipment. Leading brand names within the Dresser portfolio include Dresser Wayne retail fueling systems, Waukesha natural gas-fired engines, Masoneilan control valves, Mooney regulators, Consolidated pressure relief valves, and Roots blowers and rotary gas meters.
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