Ulterra Drilling Technologies, L.P. today announced that its management team has partnered with American Securities LLC, a US private equity firm to acquire the company from ESCO Corporation. Ulterra is a manufacturer of polycrystalline diamond compact (PDC) drill bits for the oil and gas industry. Financial terms of the transaction were not disclosed.
Headquartered in Fort Worth, Texas, Ulterra designs and manufactures polycrystalline diamond compact drill bits used in the construction of oil and gas wells. In spite of the once-in-a-generation downturn in the energy sector over the last 18 - 24 months, Ulterra has succeeded in growing market share. Ulterra has continually been among the fastest growing companies in drill bits, and is now the second largest PDC company in the US, surpassing competitors that have led the industry for over 100 years.
Ulterra President and Chief Executive Officer John Clunan stated, “We have built our success on empowering great people dedicated to customer satisfaction.” He continued that this transition comes at an attractive time with respect to the market. “The market is starting to show signs that the worst is behind us, and we are finally seeing some stable increases in rig count. We are focused on delivering continued growth, and this transition will provide us the financial support and resources to aggressively accelerate our growth into a strengthening market.”
“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.”
Adapted from a press release by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22072016/ulterra-to-partner-with-american-securities/