H.I.G. Capital Completes Sale of Texas Honing

  H.I.G. Capital Completes Sale of Texas Honing

Business Wire

MIAMI -- October 25, 2012

H.I.G. Capital ("H.I.G."), a leading global private equity investment firm
with more than $10.0 billion of equity capital under management, announced
today that it has completed the sale of Texas Honing, Inc. ("THI"), a leading
engineering-enabled producer of high precision components used in oilfield
drilling, completion, and production systems worldwide. After the transaction,
the company will be included in the Forged Products segment of Precision
Castparts Corporation (NYSE: PCP).

Based near Houston, TX, THI was founded in 1976 as a specialized honing
business catering to local oilfield tool companies. Over the past 35 years,
THI has grown its offering to include eight complementary services including
drilling, honing, boring, turning, skiving, off-center drilling, and CNC
processing. With its in-house team of engineers, THI has built a proprietary
equipment base that enables industry-leading capabilities for processing
speed, size capacity, and precision. By maintaining its uncompromising
standards for quality and timely delivery, THI has consistently produced
components for the world’s largest oilfield service companies.

“H.I.G. has been a valuable partner and sounding board for the THI management
team. We have appreciated their guidance on strategic and financial
initiatives as well as their support of the company’s growth ambitions,” said
Robert Steele, CEO of THI.

"We have enjoyed phenomenal growth during our partnership with Texas Honing,”
commented Jeff Zanarini, a Managing Director of H.I.G. “We have supported the
management team in achieving new standards of excellence across a number of
capabilities, and the strong interest from a variety of international
strategic players during this process is a testament to our success. We are
thrilled with such an outstanding outcome for Texas Honing, H.I.G. and its
investors. We have every confidence that the Company will continue its
pioneering leadership as a member of the Precision Castparts family.”

About H.I.G. Capital

H.I.G. is a leading global private equity investment firm with more than $10
billion of equity capital under management. Based in Miami, and with offices
in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S.,
as well as international affiliate offices in London, Hamburg, Madrid, Paris,
and Rio de Janeiro, H.I.G. specializes in providing capital to small and
medium-sized companies with attractive growth potential. H.I.G. invests in
management-led buyouts and recapitalizations of profitable and well managed
manufacturing or service businesses. H.I.G. also has extensive experience with
financial restructurings and operational turnarounds. Since its founding in
1993, H.I.G. invested in and managed more than 200 companies worldwide. The
firm's current portfolio includes more than 70 companies. For more
information, please refer to the H.I.G. website at www.higcapital.com.

Contact:

H.I.G. Capital
Jeff Zanarini, 305-379-2322
Managing Director
jzanarini@higcapital.com
or
Chris Paldino, 305-379-2322
Principal
cpaldino@higcapital.com
 
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