PCP Buys

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Description

Purchase of manufacturer of tubular steel products used in drilling, honing, turning, skiving an off-center drilling.

Precision Castparts Corp. (NYSE: PCP) has purchased privately-held Texas Honing Inc. for an undisclosed amount.

Texas Honing produces components that are utilized primarily in key oilfield drilling, completion and production systems. Its products include tubular steel products, primarily drilling, honing, boring, turning, skiving, off-center drilling and CNC processing. Its customers include oilfield service companies, specialty manufacturers, steel service centers, and machine shops.

Texas Honing, based in Houston, Texas, was a portfolio company of Miami-based private equity firm H.I.G. Capital LLC, which has more than $10 billion in capital under management and investments in more than 200 companies worldwide.

Portland-based PCP is makes complex metal components for the aerospace, power, and general industrial markets. Simmons & Co. International Inc. served as financial advisor to Texas Honing and H.I.G. Capital in the transaction.