HIG Capital completes sale of Texas Honing
Private equity firm HIG Capital has completed the sale of Texas Honing (THI), an 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.
Based near Houston, Texas, THI was founded in 1976 as a specialised 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-centre drilling, and CNC processing.
“HIG 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,” says Robert Steele, chief executive of THI.
"We have enjoyed phenomenal growth during our partnership with Texas Honing,” says Jeff Zanarini, a managing director of HIG “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, HIG and its investors. We have every confidence that the company will continue its pioneering leadership as a member of the Precision Castparts family.”
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