Los Angeles based private equity firm Hancock Park Associates has sold Houston-based Drilltec to private equity investors Lubar & Co and Pouschine Cook Capital Management. Hancock Park acquired Drilltec in May 2007. The company manufactures critical protection products for the oil country tubular goods market.
Hancock Park Associates, a Los Angeles based private equity group with additional offices in Houston, announced the successful sale of Houston-based Drilltec to private equity investors Lubar & Co. and Pouschine Cook Capital Management. Hancock Park acquired Drilltec in May 2007 and facilitated significant growth of the business during its investment period. For the past 30 years, Drilltec has been the industry leader in innovating, engineering, and manufacturing critical protection products for the oil country tubular goods market. Drilltec’s products are used to protect drill pipe, tubing, and casing from being damaged when stored, racked, or transported around the world. The Company services large integrated international oil companies, contract drillers, pipe manufacturers, threaders, and others across its international customer base. Drilltec has earned a No. 1 market share in OCTG thread protectors and packaging systems through successful innovation, expansion of its high-quality product offerings, global customer service, and a clear understanding of industry needs. Financial terms of the transaction were not disclosed.
Drilltec’s products are currently manufactured in the United States, Europe, Argentina, Japan, Southeast Asia, and Mexico. New manufacturing expansions include Saudi Arabia and Brazil. The management team’s global strategy is to locate international facilities close to customers while expanding its product line to offer the highest industry performance at competitive pricing.
“Hancock Park was an excellent partner for Drilltec and we enjoyed growing the business with them over the last several years,” said Bryan Baker, CEO of Drilltec. Ken Watler, Principal of Hancock Park, said, “We have enjoyed our ownership of Drilltec and are proud of the Company’s success under Bryan’s leadership. We wish the best for Drilltec going forward.”
Baker saw an ideal match between Drilltec and its new investors, with the potential to collaborate on the vision for Drilltec and to continue building on the company’s success. “Lubar & Co. and Pouschine Cook share our company’s vision and our desire to continue to invest in and grow Drilltec,” Baker said. “These organizations fit the mold for what we were seeking in an investment firm — extensive industry knowledge and experience; a strong understanding of our strategic business model and short- and long-term goals; a desire for a constructive long-term relationship; and a successful track record of collaborating to support rapidly growing companies.”
The Plastics and Packaging Group at P&M Corporate Finance, led by John Hart, served as exclusive financial advisor to Hancock Park and Drilltec.
About Hancock Park Associates
Hancock Park Associates is a Los Angeles-based private equity investment firm founded in 1986. Since its inception, the firm has maintained a focus on investing in small to mid-size companies that are typically below the sight-line of larger financial investors. For more information please visit, www.hpcap.com .
About Lubar & Co.
For more than 40 years, Milwaukee-based private investment firm Lubar & Co. has applied a unique blend of patient capital, collaborative vision and steadfast commitment to management teams to build thriving companies and strong communities. By doing the right things, day-in and day-out, Lubar & Co. nurtures market-leading companies that produce consistent growth and enhanced equity value over the long term.
About Pouschine Cook Capital Management
Pouschine Cook Capital Management, LLC is a New York City-based private equity firm that actively invests in proven lower to middle-market companies ranging from $20-250 million in revenue. Pouschine Cook’s focus is on founder- and family-owned companies and corporate divestitures that have – or are poised to achieve – a leading position in their niche or industry.
SOURCE: P&M Corporate Finance