Simpson Thacher represented First Reserve in the sale of its portfolio company, Dresser, Inc., to an investor group led by Riverstone Holdings LLC. First Reserve also joined Riverstone and Lehman Brothers Co-Investment Partners in the investor group with an investment from its recently formed First Reserve Fund XI, L.P. Financial terms of the transaction were not disclosed. The transaction closed on May 4, 2007.
Dresser, based in Dallas, Texas, is a leader in providing 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. The company had aggregate revenues of approximately $1.8 billion in fiscal 2006.
The Simpson Thacher team includes Ed Chung, Jacob Kleinman, Ben Langille and Jennifer Maimone-Medwick (M&A), John Creed and Nancy Mehlman (Tax), Brian Robbins, Aimee Adler and Jeanne Annarumma (Employee Benefits), Alden Millard (Banking & Credit), Michael Isby and Tim Mulvihill (Environmental) and Robyn Rahbar (Intellectual Property). Bill Curbow and Barrie Covit also provided advice to First Reserve in the transaction.