Global Fastener News

IHI to Merge with T-3

John Wolz

Industrial Holdings Inc. announced plans to merge with T-3 Energy Services Inc.
The merger includes an equity infusion by a private equity fund managed by First Reserve Corporation.
IHI fastener companies include American Rivet, Ideal, Landreth, and Orbitform from the engineered products group and Ameritech, Lonestar Screw, Walker Bolt and A&B Bolt.\
Houston-based IHI earlier put the engineered products group up for sale in order to focus on its energy industry market.
Current shareholders of the privately held T-3 will acquire control of IHI. T-3�s largest shareholder, First Reserve Fund VIII L.P., will invest an estimated $24.6 million and will work with IHI to refinance the combined company�s debt into a long-term credit facility.
The merger is subject to customary regulatory approvals and is scheduled to close in the third quarter.
IHI CEO Robert Cone said the merger “will allow IHI to continue its growth strategy with an improved balance sheet and a strong, recognizable energy management team.”
The combined company “will serve the Gulf of Mexico market providing oilfield manufacturing and aftermarket repair services to a diverse customer base.”