H.I.G. Capital Completes Sale of Texas Honing
MIAMI – October 25, 2012 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with more than $10.0 billion of equity capital under management, announced today that it has completed the sale of Texas Honing, Inc. ("THI"), a leading engineering-enabled producer of high precision components used in oilfield drilling, completion, and production systems worldwide. After the transaction, the company will be included in the Forged Products segment of Precision Castparts Corporation (NYSE: PCP).
Based near Houston, TX, THI was founded in 1976 as a specialized honing business catering to local oilfield tool companies. Over the past 35 years, THI has grown its offering to include eight complementary services including drilling, honing, boring, turning, skiving, off-center drilling, and CNC processing. With its in-house team of engineers, THI has built a proprietary equipment base that enables industry-leading capabilities for processing speed, size capacity, and precision. By maintaining its uncompromising standards for quality and timely delivery, THI has consistently produced components for the world’s largest oilfield service companies.
“H.I.G. has been a valuable partner and sounding board for the THI management team. We have appreciated their guidance on strategic and financial initiatives as well as their support of the company’s growth ambitions,” said Robert Steele, CEO of THI.
"We have enjoyed phenomenal growth during our partnership with Texas Honing,” commented Jeff Zanarini, a Managing Director of H.I.G. “We have supported the management team in achieving new standards of excellence across a number of capabilities, and the strong interest from a variety of international strategic players during this process is a testament to our success. We are thrilled with such an outstanding outcome for Texas Honing, H.I.G. and its investors. We have every confidence that the Company will continue its pioneering leadership as a member of the Precision Castparts family.”
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $10.0 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 70 companies. For more information, please refer to the H.I.G. website at www.higcapital.com.