Ulterra Drilling Technologies LP of Fort Worth has been acquired by American Securities LLC. Financial terms of the transaction were not disclosed.
Ulterra makes polycrystalline diamond compact drill bits used for oil and gas production and was formerly owned by ESCO Corp.
Weil Gotshal & Manges LLP served as legal counsel to American Securities, with Baker Botts LLP serving as legal counsel to ESCO Corp. Wells Fargo Securities acted as financial advisor to ESCO Corp.
Ulterra has a broad North American presence spanning key U.S. and Canadian oil and gas regions. It also has operations throughout the Middle-East, Africa, Latin America, and Asia-Pacific.
“With American Securities as our new partner, we are well positioned for the next phase of growth and development,” said John Clunan, president and CEO of Ulterra, commenting in a news release.
An American Securities also lauded the deal.
“Ulterra is another example of our backing talented and hardworking management teams that have developed differentiated products,” said Kevin Penn, a managing director of the New York-based private equity firm with about $15 billion under management.
“We have been impressed with the strong corporate culture at Ulterra and look forward to partnering with John and his colleagues to leverage their market-leading technology to further expand the business,” Penn said.