RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams & Co., a premier middle market investment bank, is pleased to announce the sale of Seaboard Holdings Inc. (Seaboard), a portfolio company of Industrial Growth Partners (IGP), to The Weir Group PLC (Weir) for $675 million. The transaction closed on December 14, 2011. Harris Williams & Co. acted as an advisor to Seaboard. The transaction was led by Drew Spitzer, Luke Semple and Chip Duggins from the firm's Energy & Power (E&P) Group.

“Seaboard's expertise and established market position extend Weir's leadership in the upstream surface equipment market and will enable Weir to further capitalize on the growing shift towards unconventional oil and gas development and the rapid growth of high pressure hydraulic fracturing both in North America and abroad.”

“We are very proud to have represented Seaboard and IGP in this transaction,” said Drew Spitzer, a managing director and co-head of Harris Williams & Co.'s E&P Group. “Seaboard's expertise and established market position extend Weir's leadership in the upstream surface equipment market and will enable Weir to further capitalize on the growing shift towards unconventional oil and gas development and the rapid growth of high pressure hydraulic fracturing both in North America and abroad."

Based in Houston, TX, Seaboard manufactures engineered wellhead and pressure control equipment to the oil and natural gas exploration and production industries. Seaboard also provides a range of associated field and support services, including equipment rental into the onshore oil and gas drilling, completion and production markets.

IGP, founded in 1997, is a San Francisco-based private equity investment firm with $1.3 billion in committed equity capital. The firm, in partnership with management, invests exclusively in middle market companies in the manufacturing sector.

Weir is a global engineering solutions provider to the mining, oil and gas and power markets. With over 13,000 employees in over 70 countries, Weir is a leader in the production and servicing of wide range surface equipment targeted at unconventional drilling and completion markets.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market and provides sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

The firm's E&P Group has experience across a broad range of sectors, including energy efficiency & cleantech, industrial & infrastructure services, oil & gas products and services, power equipment & services, engineering & construction, and environmental services. For more information, please contact Drew Spitzer or Luke Semple at +1 (804) 648-0072.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorized and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.