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Tuesday, January 29, 2013

Rhone Capital's Utex Industries explores sale-sources, (NYSE: LAZ)

Utex Industries, a U.S. manufacturer of sealing products and services used for oil and gas drilling, is exploring a sale of the company that could fetch as much as $800 million, two people familiar with the matter said.New York-based private equity firm Rhone Capital, which acquired Utex for an undisclosed sum in 2010, has hired Lazard Ltd to conduct a sale, one of the sources said.An auction of Utex is in the second round and has attracted interest from private equity firms, the sources said, asking not to be identified because the matter is not public.Rhone Group, Lazard and Utex Industries did not immediately respond to requests for comment.

Lazard Ltd (Lazard) is holding company. Lazard is a financial advisory and asset management company. Shares of LAZ fell by 0.2% or $-0.07/share to $35.33. In the past year, the shares have traded as low as $22.21 and as high as $35.64. On average, 521510 shares of LAZ exchange hands on a given day and today's volume is recorded at 65292.