American Securities LLC said July 18 it acquired Ulterra Drilling Technologies LP from Esco Corp. for an undisclosed amount.

The New York-based private-equity firm's acquisition was in partnership with Ulterra's management team, according to the release.

Ulterra is headquartered in Fort Worth, Texas, and focused on designing and manufacturing matrix and steel PDC bits used in drilling of wells, as well as downhole tools. The company's products are manufactured with customer- and region-specific modifications that increase drilling efficiency and reduce total drilling costs.

Ulterra has a broad North American presence spanning the key U.S. and Canadian oil and gas regions. The company also has a global footprint with operations in countries throughout the Middle East, Africa, Latin America and Asia-Pacific, the release said.

Weil Gotshal & Manges LLP was legal counsel to American Securities, and Baker Botts LLP was legal counsel to Esco for the transaction. Wells Fargo Securities was Esco's financial adviser.