First Reserve and Odyssey Investment Partners announced Monday the sale of Dresser Inc. to Riverstone Holdings LLC.
Financial terms of the transaction were not disclosed.
In 2001, First Reserve and Odyssey purchased a controlling interest in Dresser from Halliburton.
First Reserve will join Riverstone and Lehman Brothers Co-Investment Partners in the investor group with an investment from its recently formed First Reserve Fund XI, L.P.
Dresser, headquartered in Dallas, is a manufacturer of highly engineered products and services for energy industry and infrastructure applications.
First Reserve is a private equity firm specializing in the energy industry. Odyssey Investment Partners is a middle-market private equity fund. Riverstone Holdings is an energy and power focused private equity firm. Lehman Brothers Co-Investment Partners is an investment bank.