Dearborn (www.dearbornprecision.com) is a worldwide leader in manufacturing high-precision tubular and rotating metal components for customers who require products with exacting tolerances and unique configurations. The Company’s largest end-market is oil and gas, where it supplies one of the critical technologies enabling the “Digital Oilfield” including sophisticated electronic housings for Measure While Drilling (“MWD”) and Logging While Drilling (“LWD”) directional drilling tools. In addition, the Company manufactures turbine shafts for the aerospace and power generation industries. The Company’s products are made of exotic materials which rotate at high speeds thus must be extremely well balanced, requiring exacting straightness and uniform wall thickness. The Company has achieved significant growth due to its ability to consistently produce the highest quality difficult to manufacture parts, combined with highly responsive service.
Hunting PLC (www.huntingplc.com) is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates, and the United States of America.
Dearborn Precision Tubular Products, Inc. (Fryeburg, Maine) announced that it has been acquired by Hunting PLC (London, England; LSE: HTG). This transaction is the successful culmination of an initiative led by The Bigelow Company LLC on behalf of the shareholders of Dearborn to proactively seek out the “Best New Majority Shareholder” for the Company, and in so doing, provide a liquidity event for Dearborn’s shareholders.
“Dearborn’s 200 plus employees have worked hard for the past 30 years to steadily grow this business by providing value to and earning the respect of our customers. The combination of our expertise in deep-hole drilling, coupled with our state-of-the-art machining capabilities create our strong niche. By teaming with Hunting, we have joined an international group that appreciates our business and understands the world energy markets. We will have access to additional capital for growth and join a significant global platform.” Bill Findeisen, President and CEO Dearborn Precision Tubular Products, Inc
“Dearborn’s expertise in manufacturing close tolerance parts for the oil and gas sector will deepen Hunting’s strategic product offering and continue our drive to supply products into higher specification oil and gas wells and the increasingly challenging environments being pursued by the global energy industry.” Dennis Proctor, Chief Executive Hunting PLC
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The undersigned acted as M+A advisor to Dearborn Precision Tubular Products, Inc.