ESCO Pays $325M To Pick Up Drill Bit Maker From Intervale

Law360, New York (August 14, 2012, 5:22 PM EDT) -- Oil field services-focused private equity outfit Intervale Capital LLC unloaded drill bit maker Ulterra Drilling Technologies LP in a $325 million deal that will send the portfolio company to Oregon's ESCO Corp., the parties announced Tuesday.

The purchase gives ESCO — which makes tooth systems, crusher parts and other so-called engineered wear products for the mining, infrastructure, power generation, aerospace and industrial industries — a strong foothold in the oil and gas industry, with Ulterra specializing in the polycrystalline diamond compact drill bits used to drill...
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