LWD’s Precision Manufacturing Capabilities Position Lone Star as Leading Global Supplier of Precision Components to Oil and Gas Industry
Lone Star Fasteners (LSF) has completed the acquisition of LWD Precision Engineering Co. Ltd (LWD)., a leading manufacturer of precision engineered components for the global oil and gas industry, with an estimated closing purchase price of $6 million. LWD, based in Leeds, United Kingdom, manufactures precision machined components for valves, actuators and other related critical applications.
The acquisition of LWD follows LSF’s June 2006 acquisition of Leeds-based Grange Gaskets, a provider of standard and specialty gaskets, and related machined parts. Tony Sitek, managing director of Lone Star’s Grange subsidiary, will assume overall management responsibility for the combined businesses of Grange and LWD. Richard Brown, the former majority owner of LWD, will work with Sitek to ensure an orderly transition of the business.
With the acquisition of LWD, LSF has approximately $70 million in revenue, serving more than 350 customers, with approximately 400 employees throughout its operations in the United States, U.K. and Romania.
Financing for this transaction was provided by Amegy Bank and Bank of Scotland. LSF is a portfolio company of Dallas-based Trinity Hunt Partners.