Because your texts are both in separate divs, these 2 divs should have the same height, then we have to change the vertical-align
accordingly like this:
<div style="display:inline-block; float:left; height: 30px;">
text
</div>
<div style="display:inline-block; float:left; height:30px;">
<select>
<option>select
</option>
</select>
</div>
div:before {
content:'';
display:inline-block;
height:100%;
vertical-align:middle;
}
Here is the fiddle