Abstract: A valved dispenser for use with a pump and tap assembly, for dispensing kegged beer and other beverages alternatively in the manner of a fountain dispenser or in the manner of a hand held dispenser, includes a first handle and portion of a cam actuating arrangement suited to hand held operation, and a second handle used in conjunction with the first handle and another portion of the cam actuating arrangement as well as retaining coupler elements on the pump and tap assembly and valve for effectively converting the dispenser to the fountain type. To reduce foam generation while dispensing, a stem guide is formed to permit fluid passing through the valve to flow around the guide for reduced flow velocity. A threaded valve seat element and push-back stem with ready access to a key pivot pin are included for simplified valve disassembly for cleaning and maintenance.