The firm said it was attracted to HPS due to its position as a premier market leader in the manufacturing, service, and repair of high-pressure pumps and related consumables in the upstream energy market.
AIP partner Alex Menkhaus said, “We are excited to partner with the team at HPS to advance the company’s storied history of innovation and commercialization of technologies that enable efficient energy production.
“AIP brings deep experience in the end markets served, as well as expertise in new product development, supply chain optimization, and operational excellence, and we look forward to working with the company to continue to build on the strong foundation that exists today.”
The deal is expected to be completed in the first half of 2021.
Two years ago AIP raced to its $3bn hard cap for the ‘one and done’ final close of its latest flagship fund, marking a huge fund size increase.
The firm took just four months to strike the hard cap for Fund VII, a similarly rapid raise to the firm’s $1.8bn predecessor vehicle from 2015.
Fund VI was itself more than double the $700m AIP collected for Fund V in 2011.
Other recent deals from the firm include the $1bn buyout of transport and logistics business Seacor Holdings.
Copyright © 2021 AltAssets