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Intervale sells Ulterra Drilling Technologies

Intervale Capital, a Cambridge private equity firm focused on the oilfield services industry, has sold Ulterra Drilling Technologies, L.P. to ESCO Corporation for $325 million in cash.

Headquartered in Fort Worth, Texas, Ulterra manufactures and rents bits and drilling optimization tools for use in all the major oil and gas basins in the U.S.

Ulterra also has a growing international footprint with operations in Canada, Latin America, the Middle East, and North Africa.

Charles Cherington, managing partner at Intervale Capital, said, ‘‘We are very happy to turn Ulterra over to ESCO, a well-regarded and growing industry partner, and to achieve an attractive return for our investors.’’

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The Ulterra sale is the second exit from Intervale’s first fund, which closed on $280 million in 2008. Intervale is actively investing out of its second fund, through which it acquired oilfield cementing specialist Allied Oil and Gas Services in December 2011.

Intervale Capital is an energy-focused private equity firm, with headquarters in Cambridge, Massachusetts, and an office in Houston, Texas, investing exclusively in middle-market energy services and manufacturing companies and related technologies.

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