"We are proud of Ulterra's reputation for excellent product performance and customer service," said John Clunan, President and Chief Executive Officer of Ulterra. "With American Securities as our new partner, we are well positioned for the next phase of growth and development."
"Ulterra is another example of our backing talented and hardworking management teams that have developed differentiated products," commented Kevin Penn, a Managing Director of American Securities. "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."
Weil Gotshal & Manges LLP served as legal counsel to American Securities, and Baker Botts L.L.P. served as legal counsel to ESCO Corporation with respect to the transaction. Wells Fargo Securities acted as financial advisor to ESCO Corporation with respect to the transaction.
About Ulterra Drilling Technologies
Ulterra is a leading provider of premium PDC drill bits and downhole tools for the oil and gas industry. Its strength resides in the experience and wisdom obtained from industry veterans, designing high-quality, high-performance PDC bits for global markets. Its localized focus enables Ulterra to respond quickly to customers' specific applications with the newest technology on the market.
About American Securities
American Securities is a leading U.S. private equity firm with approximately $15 billion under management. Based in New York with an office in Shanghai, American Securities invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $200 million of EBITDA.
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SOURCE American Securities LLC