H.I.G. Capital has completed the sale of Texas Honing, a producer of components used in oilfield drilling, to Precision Castparts Corporation (NYSE: PCP).
“H.I.G. has been a valuable partner and sounding board for the Texas Honing management team. We have appreciated their guidance on strategic and financial initiatives as well as their support of the company’s growth ambitions,” said Robert Steele, CEO of Texas Honing.
Texas Honing is a producer of components used in oilfield drilling, completion, and production systems worldwide. Services include drilling, honing, boring, turning, skiving, off-center drilling, and CNC processing. The company was founded in 1976 and is based in Houston (www.texashoning.com).
“We have enjoyed phenomenal growth during our partnership with Texas Honing,” said Jeff Zanarini, a Managing Director of H.I.G. “We have supported the management team in achieving new standards of excellence across a number of capabilities, and the strong interest from a variety of international strategic players during this process is a testament to our success. We are thrilled with such an outstanding outcome for Texas Honing, H.I.G. and its investors. We have every confidence that the company will continue its pioneering leadership as a member of the Precision Castparts family.”
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. Since its founding, H.I.G. has invested in and managed more than 200 companies and the firm’s current portfolio includes companies with combined revenues in excess of $8 billion. H.I.G. Capital has more than $8.5 billion of equity capital under management and is based in Miami, FL and has other offices in Atlanta, GA; Boston, MA; San Francisco, CA; London, UK; Rio de Janeiro, Brazil; Hamburg, Germany; and Paris, France (www.higcapital.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-25-12
