Intervale Capital has sold its portfolio company Ulterra Drilling Technologies to ESCO for $325 million in cash. Ulterra manufactures polycrystalline diamond compact drill bits used in the construction of oil and gas wells. The company received an investment from Intervale in December 2007 and was backed by one of Intervale's predecessor entities, Cherington Capital, from May 2005 to December 2007.
Private equity investors have sold or taken public 45 U.S. companies primarily involved in the Energy Equipment industry, according to the PitchBook Platform. With eight such transactions completed so far this year, 2012 is already the industry's most active year ever, even with over four months still left in the year. Almost three-quarters of the exits in the industry (74%) have been in the Oil & Gas Equipment sector.
*2012 to date
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