Longreach completes precision drilling carve-out from Hitachi
North Asia mid-market buyout firm The Longreach Group has agreed to buy precision drilling business Hitachi Via Mechanics (HVM) from Japanese conglomerate Hitachi. It is said to be the first time Hitachi has divested a sizable asset to private equity at group level.
The size of the transaction was not disclosed. Longreach typically invests $50 million to $250 million and AVCJ understands the Hitachi deal is of meaningful size within this range. HVM is a leading...
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