HOUSTON (March 20, 12:45 p.m. ET) — Private equity firms Lubar & Co. and Pouschine Cook Capital Management LLC have purchased Drilltec — a Houston-based maker of plastic products used in industrial packaging — for an undisclosed price.
Drilltec uses plastic composites to make thread protectors — a type of cap — and racking systems that are used in transportation and storage of drilling pipe, casing and tubing that are used in oil and natural gas production.
The firm operates manufacturing plants in Houston, England and Japan and also has its products made at other locations in Europe, as well as in Southeast Asia, Mexico and Argentina. Drilltec also is looking to add manufacturing in Brazil and Saudi Arabia. Sales totals and employee counts for the firm were unavailable.
Drilltec was founded in 1979 and had been owned since 2007 by private equity firm Hancock Park Associates of Los Angeles. Among the new owners, Lubar is based in Milwaukee, while Pouschine Cook is from New York.
In a March 16 news release, Drilltec CEO Bryan Baker said that his firm “saw an ideal match” between Drilltec and its new investors. Officials added in the release that Drilltec's global strategy is to locate international facilities close to customers while expanding its product line.
Drilltec has seen recent sales growth from new activity in both oil and natural gas drilling. Officials with Drilltec and Lubar could not be reached for further comment.
Lubar has several oil and gas investments and also is part-owner of the Milwaukee Brewers major league baseball team.
Pouschine Cook previously was part-owner of flexible packaging maker Ampac Packaging. Pouschine Cook also is part-owner of decorative film company International Graphics Inc. of South Plainfield. N.J.
Drilltec and Hancock Park were exclusively advised on the deal by the plastics and packaging group of financial firm P&M Corporate Finance LLC of Southfield, Mich.