Indianapolis-based Versa-Drill acquired by California firm
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Versa-Drill, a manufacturer of premium drilling rigs headquartered in Indianapolis, is under new ownership. The company has been acquired by California-based private equity firm Charger Investment Partners, though financial terms are not being disclosed.
Versa-Drill makes mid-sized rigs used in water well, geothermal, and cathodic protection applications. Charger said in a news release that the company’s rigs are critical to supporting water infrastructure and renewable energy development in the U.S.
Charger declined to say how many employees Versa-Drill has, but a spokesperson noted that the acquisition is not expected to have a negative effect on jobs.
“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,” Charger co-founder and partner Chris Boyle said in the release. “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 said Versa-Drill’s leadership team, including President Marty Wright and Head of Sales Marcus Laible, will continue to lead the business and maintain “significant” ownership along with the company’s founder, Mark Laibe.
“We are proud of the company we’ve built and are thrilled to partner with Charger to help Versa-Drill reach new heights,” Marcus Laibe said in the release. “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.”