Private equity firm American Industrial Partners is buying Flow International Corp. (Nasdaq: FLOW) in a deal valued at about $200 million.

Flow, headquartered in Kent, Wash., manufactures industrial waterjet machines for cutting and cleaning used by the automotive, aerospace and surface preparation industries.

American Industrial will acquire all of Flow’s common stock for $4.05 per share in cash. The deal was announced after the market closed on Sept. 25, when Flow’s shares closed at $3.73.

Flow announced in June that it would explore strategic alternatives, including a sale of the business. The deal is expected to close in early 2014.

New York-based American Industrial makes control investments in North American manufacturing or industrial services businesses. Since 1989, the firm has completed more than 40 deals and is currently managing more than $1.1 billion in equity capital. American Industrial usually makes equity investments of up to $150 million.

UBS Investment Bank is acting as Flow’s financial adviser, while K&L Gates LLP is providing legal advice. Houlihan Lokey is providing financial advice to American Industrial, while Ropes & Gray LLP and Baker Botts are legal co-counsel.

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