The Carlyle Group has agreed to pay $500 million to buy John Maneely Co. (JMC), the parent of Wheatland Tube Co. and Seminole Tubular Products Co.

Founded in 1877, JMC manufactures standard pipe, electrical conduit, fence framework, sprinkler pipe, mechanical tube and associated fittings. Maneely and its subsidiaries employ 1,700 people at plants in Sharon and Wheatland, Pa.; Warren and Cambridge, Ohio; Chicago; Little Rock, Ark.; and Houston. There are no plans to change operations.

The Carlyle Group is one of the world's largest private equity firms, with more than $34.9 billion under management. The investment firm manages funds across four investment disciplines (buyouts, venture capital, real estate and leveraged finance).

Peter S. Dooner III, president of John Maneely Co., will continue to run the company, and his brother, Thomas Dooner, will remain a vice president. Both will be minority shareholders.

Following the acquisition, the headquarters will remain in Collingswood, N.J.