American Securities LLC, a US private equity firm, has acquired Ulterra Drilling Technologies LP in partnership with the company's management team. Ulterra is a manufacturer of polycrystalline diamond compact (PDC) drill bits for the oil and gas industry. The company was owned by ESCO Corp. Financial terms of the transaction were not disclosed.
Headquartered in Fort Worth, Texas, Ulterra designs and manufactures matrix and steel PDC bits used in drilling of oil-and-gas wells, as well as downhole tools. Ulterra has a broad North American presence spanning key US and Canadian oil and gas regions. The company also has operations in countries throughout the Middle-East, Africa, Latin America, and Asia-Pacific.
Weil Gotshal & Manges LLP served as legal counsel to American Securities, and Baker Botts LLP served as legal counsel to ESCO Corp. with respect to the transaction. Wells Fargo Securities acted as financial advisor to ESCO Corp. with respect to the transaction.