West Coast private equity firm Industrial Growth Partners completed the sale of Seaboard International to the Weir Group PLC for $675 million on Dec. 14, the firm announced. IGP initially acquired the wellhead solutions provider in 2007.
San Francisco, CA – Industrial Growth Partners (IGP) is pleased to announce the completion of the sale of Seaboard International, Inc. to The Weir Group PLC (LSE: WEIR.L) for $675 million, subject to certain adjustments, in a transaction that closed on December 14, 2011.
Seaboard, headquartered in Houston, Texas, is a leading wellhead solutions provider that manufactures proprietary, highly-engineered wellhead and pressure control equipment for the oil and natural gas exploration and production industries. The Company also provides a range of associated field and support services, including equipment rental into the onshore oil and gas drilling, completion and production markets. Seaboard’s geographic footprint enables timely supply of equipment and rental products, and critical field service. Seaboard’s customers include a diverse base of leading domestic and international oil and gas exploration and production companies.
Original Acquisition Details
IGP, in partnership with Seaboard’s management, recapitalized the Company on April 17, 2007. IGP identified Seaboard as an ideal investment candidate as a result of the Company’s unique platform, strong management team, differentiated and proprietary products, and potential to accelerate its future growth trajectory through new product introductions, geographic expansion and add-on acquisitions. During IGP’s ownership, amongst other initiatives, the Company expanded into most of the prolific oil and gas regions in North America, and completed two add-on acquisitions: Wellhead, Inc., a manufacturer of oil and natural gas wellhead equipment used primarily for onshore applications, and AJ Industries Ltd., a value-added distributor and servicer of oil and gas equipment in Western Canada.
Kelly Joy, President and CEO of Seaboard, remarked:
“IGP’s support of our Company as it transitioned from a regionally-focused manufacturer of wellhead equipment and ancillary services to a key player in the wellhead equipment and pressure control market with an extensive geographic footprint and a complete offering of equipment and services was crucial. They were an ideal partner as we built our geographic and product footprint through the investment in employees, expansion of infrastructure, investment in capital equipment and the strategic add-on acquisitions of Wellhead and AJ. IGP’s strategic support and operating expertise enabled us to realize the Company’s long-term vision of building a unique oil field equipment platform.”
IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.3 billion of capital under management. The firm invests exclusively in middle-market companies in the manufacturing sector in partnership with management.
For more information, please contact Gottfried Tittiger or Dan Delaney.