NEW YORK (Reuters) - KKR & Co LP (KKR.N) has agreed to buy industrial tool components manufacturer Hyperion from Sandvik (SAND.ST), a deal the U.S. buyout firm said marked its first acquisition in the mid-market industrials sector.

“We see tremendous opportunity to help support the growth of the company and its customers by establishing the business as a standalone entity,” Pete Stavros, the head of KKR’s industrials investment team, said in a statement on Friday.

In a separate statement, Sandvik gave the deal price at 4 billion Swedish crowns ($471.6 million).