M&A Deal Summary

Odyssey Investment Partners and First Reserve Management Acquires Dresser

On April 10, 2001, private equity firms Odyssey Investment Partners and First Reserve Management L.P. acquired energy services and equipment company Dresser, Inc. from Halliburton Company for 1.6B USD

Acquisition Highlights
  • This is Odyssey Investment Partners’ 1st and First Reserve Management’s 6th transaction in the Energy Services and Equipment sector.
  • This is Odyssey Investment Partners’ 1st and First Reserve Management’s 1st largest (disclosed) transaction.
  • This is Odyssey Investment Partners’ 7th and First Reserve Management’s 11th transaction in the United States.
  • This is Odyssey Investment Partners’ 1st and First Reserve Management’s 1st transaction in Illinois.
Investment Fate
  • Dresser was sold to a consortium of financial buyers in 2007.
  • Dresser was sold to a publicly-traded strategic buyer in 2010 for 3.0B USD.

M&A Deal Summary

Date 2001-04-10
Target Dresser, Inc.
Sector Energy Services and Equipment
Buyer(s) Odyssey Investment Partners
First Reserve Management L.P.
Sellers(s) Halliburton Company
Deal Type Divestiture
Deal Value 1.6B USD

Target

Dresser, Inc.

Elk Grove Village, Illinois, United States
website
Dresser, Inc. provides highly engineered products for the global energy infrastructure. Dresser's broad portfolio of products includes 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.

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Buyer(S) 2

Buyer

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.


DEAL STATS #
Overall 7 of 49
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 5
State (Illinois) 1 of 5
Country (United States) 7 of 47
Year (2001) 1 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-01 Western Wireless Corp.

Issaquah, Washington, United States

Western Wireless Corporation is a cellular network operator that provided mobile telecommunications service to subscribers in 19 western states and seven countries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-15 Montpelier Re Holdings Ltd.

Pembroke, Bermuda

Montpelier Re Holdings Ltd. is a insurance and reinsurance company that focuses on the property reinsurance market. Targeted lines of business include property catastrophe excess of loss reinsurance, property risk excess of loss reinsurance, facultative reinsurance, whole account quota share reinsurance, and property retrocession reinsurance.

Buy -
Buyer

First Reserve Management L.P.

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 31.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

First Reserve Corporation is a specialist private equity firm focused on investments in energy companies. First Reserve targets equity investments of $50 to $500 million in companies valued from $100 million to $10 billion. Target areas of interest within the energy industry include energy manufacturing and services (drilling service providers and wellhead equipment manufacturers), energy infrastructure, energy reserves, renewable energy and alternative fuels, and energy related insurance and financial products. First Reserve was established in 1983 and has offices in Greenwich, Connecticut; Houston, Texas; and London.


DEAL STATS #
Overall 13 of 106
Sector (Energy Services and Equipment) 6 of 31
Type (Divestiture) 1 of 9
State (Illinois) 1 of 1
Country (United States) 11 of 69
Year (2001) 2 of 3
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-19 Berkley Petroleum Corp.

Calgary, Alberta, Canada

Berkley Petroleum Corp., acquired by Anadarko Petroleum (NYSE: APC) in March 2001, is engaged primarily in the exploration and development of natural gas. Berkley focuses on the deeper, western portion of the Western Canadian Sedimentary Basin in Alberta, northeastern British Columbia, and the Northwest Territories, as well as the deep formations in southeastern Saskatchewan

Sell $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-11-01 Aquilex Corp.

Atlanta, Georgia, United States

Aquilex Corp. is a provider of critical maintenance, repair and industrial cleaning solutions to the energy industry.

Buy -

Seller(S) 1

SELLER

Halliburton Company

Houston, Texas, United States

website


Category Company
Founded 1919
SectorEnergy Services and Equipment
Employees40,000
Revenue 14.4B USD (2020)
DESCRIPTION
Halliburton's corporate headquarters in Houston, Texas.
Halliburton's corporate headquarters in Houston, Texas.

Halliburton is a provider of services and products for the exploration, development, and production of oil and natural gas to oil and gas companies. The company operates in two segments, Completion and Production, and Drilling and Evaluation. Halliburton was formed in 1919 and is based in Houston, Texas.


DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 2
State (Illinois) 1 of 1
Country (United States) 1 of 2
Year (2001) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-02-26 Dresser, Inc.

Elk Grove Village, Illinois, United States

Dresser, Inc. provides highly engineered products for the global energy infrastructure. Dresser's broad portfolio of products includes 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.

Buy $7.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-04-12 WellDynamics BV

Netherlands

WellDynamics is the world's leading provider of intelligent well completion technology. WellDynamics has an extensive track record of delivering reliable products, understanding the unique demands of customer applications, and developing innovative, fit-for-purpose solutions. WellDynamics' award-winning SmartWell® technology has been successfully deployed in over 300 wells worldwide. Its product offering consists of a comprehensive suite of intelligent completion equipment and services, including downhole flow control devices, downhole permanent monitoring equipment, fiber optic sensors, and surface data acquisition and automated control systems.

Buy -