M&A Deal Summary

First Reserve Acquires Dresser-Rand

On October 29, 2004, private equity firm First Reserve acquired energy services and equipment company Dresser-Rand from IR for 1.2B USD

Acquisition Highlights
  • This is First Reserve’s 11th transaction in the Energy Services and Equipment sector.
  • This is First Reserve’s 3rd largest (disclosed) transaction.
  • This is First Reserve’s 21st transaction in the United States.
  • This is First Reserve’s 11th transaction in Texas.
Investment Fate
  • Dresser-Rand went public in 2005.
  • Dresser-Rand was sold to a strategic buyer in 2015 for 7.8B USD.

M&A Deal Summary

Date 2004-10-29
Target Dresser-Rand
Sector Energy Services and Equipment
Buyer(s) First Reserve
Sellers(s) IR
Deal Type Divestiture
Deal Value 1.2B USD

Target

Dresser-Rand

Houston, Texas, United States
Dresser-Rand office in Houston, Texas.
Dresser-Rand office in Houston, Texas.
Dresser-Rand is a supplier of infrastructure equipment, including compressors, turbines and engines, as well as related after-market parts and services, to the global energy industry. Dresser-Rand is based in Houston, Texas.

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Buyer(S) 1

Buyer

First Reserve

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 32.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

First Reserve 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 is based in Stamford, Connecticut.


DEAL STATS #
Overall 24 of 109
Sector (Energy Services and Equipment) 11 of 33
Type (Divestiture) 2 of 9
State (Texas) 11 of 38
Country (United States) 21 of 73
Year (2004) 3 of 3
Size (of disclosed) 3 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Foundation Coal Holdings

Linthicum Heights, Maryland, United States

Foundation Coal is the fourth largest coal producer in the United States with a strong presence in Northern Appalachia and the Powder River Basin. Foundation produces approximately 65 million tons of coal per year and operates in all of the major coal producing regions of the United States. Foundation?s mines are located in Pennsylvania, Wyoming, West Virginia and Illinois. Collectively, Foundation operates a total of thirteen mines, four of which are surface mines and nine of which are underground mines.

Buy $967M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-01 Superior Energy Services

Houston, Texas, United States

Superior Energy Services is a provider of specialized oilfield services and equipment focusing on serving the production-related needs of oil and gas companies operating in the Gulf of Mexico. Superior provides a wide range of 'post-wellhead' products and services necessary to produce and maintain offshore production, including coiled tubing, hydraulic workover, well control, mechanical wireline, electric wireline, plug and abandonment services and a wide range of rental tools used in drilling and workover operations. Superior Energy Services was founded in 1991 and is based in Houston, Texas.

Sell -

Seller(S) 1

SELLER

IR

Davidson, North Carolina, United States

Category Company
Founded 1859
Sector Machinery
Employees18,000
Revenue 6.8B USD (2023)
DESCRIPTION

IR is a manufacturer of highly engineered products, including compressors, liquid ring pumps and blowers for various industrial, medical, environmental, transportation and process applications, pumps used in the petroleum and industrial market segments and other fluid transfer equipment, such as loading arms and dry break couplers, serving chemical, petroleum and food industries. IR was founded in 1859 and is based in Davidson, Wisconsin.


DEAL STATS #
Overall 2 of 8
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 5
State (Texas) 1 of 2
Country (United States) 2 of 7
Year (2004) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-07 Integrated Access Systems

Parsippany, New Jersey, United States

Integrated Access Systems, Inc. is a provider of specialty security systems integration.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-12 Security One Systems

Fort Lauderdale, Florida, United States

Security One Systems provides turnkey security design solutions, including access-control, closed-circuit TV, video surveillance and alarm monitoring, with strong presence in communications, financial services, government and healthcare markets.

Buy -