Private equity firm the Riverside Co. has added Innovative Mechanical Solutions Ltd. and Leading Edge Heat Treatment Ltd., together known as IMech, to H-D Advanced Manufacturing Co. (H-D).
The Alberta, Canada-based companies engineer, design and manufacture custom bearings for the directional drilling motor industry. Customers include diversified oilfield service companies and drilling companies. In addition to an Alberta headquarters, the company has a warehouse and distribution center in Houston.
H-D was formed in December through a partnership between the Riverside Co. and Hicks Equity Partners to invest in heavy-duty precision engineered parts manufactures.
IMech will be operated as a division within H-D. The company’s other division is Overton Chicago Gear Corp., which makes gears and gearboxes for the oil and gas, minerals, rail, wind energy, power generation and infrastructure industries.
Riverside is a private equity firm headquartered in New York and Cleveland. It announced the IMech deal in July, along with three other acquisitions: Baltic Latvian Universal Electronics LLC, Simcro Ltd. and ProSites Inc. The firm won Mergers & Acquisitons’ M&A Mid-Market Award for Private Equity Firm of the Year for 2012.
PNC Business Credit, GE Antares Capital and Babson Capital provided the financing for the deal, while KPMG, Jones Day and Gowling Lafleur Henderson LLP provided legal counsel to Riverside.