M&A Deal Summary

ESCO Acquires Ulterra Drilling Technologies

On August 14, 2012, ESCO acquired energy services and equipment company Ulterra Drilling Technologies from Amberjack Capital Partners and Cherington Capital for 325M USD

Acquisition Highlights
  • This is ESCO’s 1st transaction in the Energy Services and Equipment sector.
  • This is ESCO’s largest (disclosed) transaction.
  • This is ESCO’s 1st transaction in the United States.
  • This is ESCO’s 1st transaction in Texas.
Investment Fate
  • Ulterra Drilling Technologies was divested to a consortium of buyers in 2016.
  • Ulterra Drilling Technologies was sold to a consortium of financial buyers in 2018.

M&A Deal Summary
Date 2012-08-14
Target Ulterra Drilling Technologies
Sector Energy Services and Equipment
Buyer(s) ESCO
Sellers(s) Amberjack Capital Partners
Cherington Capital
Deal Type Add-on Acquisition
Deal Value 325M USD

Target

Ulterra Drilling Technologies

Fort Worth, Texas, United States
Ulterra Drilling Technologies is an independent supplier of polycrystalline diamond compact drill bits to the oil and gas industry. Ulterra currently has a leading position in many of the most active U.S. onshore oil and gas basins, including the Permian and Eagle Ford, and has a growing presence internationally. Ulterra’s singular focus on PDC drilling technology allows it to deliver the highest level of customer service and customization to producers across a wide range of basins and geological formations, driving industry leading performance and durability.

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Buyer(S) 1

Buyer

ESCO

Portland, Oregon, United States
Category Company
Founded 1913
Sector Manufacturing
DESCRIPTION

ESCO Corp. is an independent developer and manufacturer of highly engineered wear parts and replacement products used in mining, infrastructure development, oil and gas, and industrial applications. We have focused on product innovation throughout our 100-year history. Our expertise in metallurgy, tribology (the science of wear), design engineering, manufacturing processes, and distribution are our core competencies.

DEAL STATS #
Overall 1 of 1
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-07 Turbine Technologies

Chetek, Wisconsin, United States

Turbine Technologies is a United States manufacturer of premier educational laboratory equipment. Our products offer engineering students unique learning opportunities via the manipulation and observation of thermal fluid systems.

Sell -

Seller(S) 2

SELLER

Amberjack Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Amberjack Capital Partners is a specialist private equity firm focused on control investments in the upstream energy sector, including oilfield service and manufacturing companies. Specific segments of interest include downhole tools, drill bits and associated drilling technologies, drilling and completion fluids, drilling motor technology, enhanced oil recovery services, mud logging and related technical services, pressure control (land and subsea), subsea components, technology and equipment, managed pressure drilling, wireline services and related tools, completion products and services, differentiated equipment rental companies, and artificial lifts. The Firm targets businesses with $4 to $20 million of EBITDA and can complete transactions valued up to $175 million. Amberjack Capital Partners was formed in 2006 and is based in Cambridge, Massachusetts and has offices in Houston, Texas.

DEAL STATS #
Overall 4 of 15
Sector (Energy Services and Equipment) 4 of 11
Type (Add-on Acquisition) 3 of 6
State (Texas) 4 of 14
Country (United States) 4 of 14
Year (2012) 3 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-07 Casedhole Solutions

Houston, Texas, United States

Casedhole Solutions offers a comprehensive suite of wireline services to its customers, including well perforation, completion and pipe recovery services.

Sell $273M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Sentry Energy Solutions

Spring, Texas, United States

Sentry Energy Solutions is a service provider of safety and environmental solutions to the oilfield, and industrial plant sectors. Sentry provides services for H2S safety, training, confined space supervision and rescue, fire suppression, leak detection, containment systems and more. Sentry Energy Solutions was founded in 2004 and is based in Spring, Texas.

Buy -
SELLER

Cherington Capital

Cambridge, Massachusetts, United States
Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Cherington Capital is a generalist private equity investment firm focused on recapitalizations and leveraged buyouts of lower middle-market companies. Cherington prefers to partner with management when making investments. The Firm generally looks for businesses valued from $10 to $70 million with trailing EBIT of $2.5 to $15 million. Cherington Capital is based in Cambridge, Massachusetts.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-18 International Logging

Houston, Texas, United States

International Logging, Inc. is a provider of well site geological logging services for the exploration and development of oil and gas wells.

Sell -
Mergr

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