Dresser has announced that a consortium led by Riverstone Holdings LLC has completed the acquisition of the company. Dresser further announced that John P. Ryan, president and chief operating officer, is replacing Patrick M. Murray as chief executive officer. Murray retired from his position effective with the completion of the sale.
"The change in ownership of Dresser will be transparent to our customers and employees - it'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, L.P. Riverstone is investing through its Carlyle/Riverstone Global Energy and Power Fund III, L.P. The terms of the transaction were not disclosed.
Commenting on his retirement, Murray noted: "Dresser is well positioned to continue as a worldwide leader in the design, manufacture and marketing of energy infrastructure equipment. John's promotion is decidedly well-deserved. His commitment to continuous improvement, dedication to Dresser employees and focus on the customer will serve the company well in the years to come."
Ryan was appointed president and chief operating officer of Dresser in December 2004. He had previously served as president of Dresser Wayne, the largest division of Dresser and a worldwide leader in the retail fueling industry, 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.
