Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, has bought Center Rock Inc., a Berlin, Pa.-based provider of drilling tools and rigs serving the construction, mining, utility and energy industries.

Center Rock designs, manufactures, distributes and services a line of downhole rock drilling tools and accessories. The Center Rock leadership team will remain in place, supported by Argonaut to expand its equipment into new industries and countries. Partnering with Argonaut looks to give Center Rock opportunities to expand its product offerings into other industries and parts of the world, according to Dave Pietrzykowski, Center Rock president and CEO.