Arcline Investment Management, a U.S. private equity firm founded by former Golden Gate dealmaker Rajeev Amara, said on Thursday it would buy a unit of Baker Hughes (BHGE.N), General Electric Co’s (GE.N) oil-servicing subsidiary.
The deal comes after Arcline said in March it had raised $1.5 billion for a fund targeted at buying small to midsize industrial businesses, which the company defines as companies with less than $1 billion in revenue.
Arcline has agreed to acquire Baker Hughes’ reciprocating comprehension division, which makes and services industrial engines and compressors built into natural gas pipelines operated by oil and gas companies.
Arcline said it plans to “aggressively invest” in the unit’s “long standing, loyal employee base so that they can support every brand of our equipment operating in the field.
Terms of the deal were not disclosed.
Source: Reuters.com