Private equity firm Riverstone Holdings LLC is buying Utex Industries Inc. from Rhone Capital LLC.
Houston-based Utex manufactures engineered sealing products used in oil and gas drilling equipment. Terms of the deal were not disclosed.
Riverstone, headquartered in New York, is making the purchase through Riverstone Global Energy and Power Fund V LP, one of its funds. The firm focuses on energy and power-related investments, and has about $24 billion in capital under management. Riverstone’s investments include Dresser Inc., Mariner Energy Inc. and Green Earth Fuels LLC.
Rhone is a private equity firm with more than $3.9 billion in assets under management.