General Electric Co. has agreed to buy Dresser Inc., a U.S.-based maker of energy-infrastructure products, for $3 billion from investors led by private-equity firms Riverstone Holdings LLC and the Carlyle Group LP.
Carlyle's "great cash in" continues. The latest deal should enrich Lord John Browne, managing director at Riverstone Holdings. Browne is in charge of cutting British government expenses by 25%, a feat he accomplished while BP CEO. Years later, BP's Texas City Refinery exploded in deadly fashion, after which Browne fled to Riverstone.
Riverstone and Carlyle purchased Dresser in 2007. It's a three year hold and flip for the PEU boys.