(steheap – stock.adobe.com)
Los Angeles-based Charger Investment Partners has completed the acquisition of Versa-Drill, a market-leading designer and assembler of premium drilling rigs used in water well, geothermal and cathodic protection applications. Terms of the transaction were not disclosed.
Headquartered in Indianapolis, Indiana, Versa-Drill is recognized as the leading manufacturer of mid-sized drilling rigs in North America. With significant market share in its target segment and a growing installed base, Versa-Drill has built a reputation for innovation, superior performance and customer service. The company’s rigs are critical to supporting water infrastructure and renewable energy development across the U.S.
“Versa-Drill exemplifies the type of business Charger seeks to partner with, an essential infrastructure platform with a legacy of engineering excellence and clear opportunities for growth,” said Chris Boyle, co-founder and partner at Charger. “We’re excited to support Versa-Drill as it accelerates new product development, expands its aftermarket parts and service offering, and drives continued innovation in the drilling rig market.”
Charger is partnering with Versa-Drill’s leadership team, including Marcus Laibe and Marty Wright, who will continue to lead the business and maintain significant ownership alongside Mark Laibe, the company’s original founder. In addition, Kent Wartick, former vice president of Layne Christensen’s Water Resources Division, will join the board to support Versa-Drill’s next phase of growth.
“We are proud of the company we’ve built and are thrilled to partner with Charger to help Versa-Drill reach new heights,” said Laibe. “This partnership allows us to accelerate our strategic initiatives while maintaining the culture and values that have made Versa-Drill successful. My family and I, along with Marty, are deeply invested in the future of the business and excited about what’s ahead.”
Versa-Drill is well-positioned to benefit from macro tailwinds, including increased investment in water infrastructure, domestic re-shoring initiatives and growing demand for geothermal energy solutions. Utilizing growth capital from Charger, the company plans to introduce multiple new products in the near term, including a track-mounted rig specifically targeting the geothermal end market and a light-weight rig that does not require a commercial driver’s license.
The acquisition aligns with Charger’s strategy of investing in founder-led, industrial businesses serving mission-critical markets. Versa-Drill joins Charger’s growing portfolio of infrastructure-related and engineered product companies.
Information was sourced from Businesswire. To learn more, contact pjw@chargerinv.com.
