We are pleased to announce the sale of GEDCO Drilling & Coring, Inc., to Innovative Environmental Technologies, Inc. The acquisition closed January 6, 2021.
Located in Irving, Texas, GEDCO Drilling & Coring (GEDCO) is an independent drilling contractor founded in 2000 and has established itself as a premier drilling contractor in Texas, as well as neighboring states. GEDCO's founder, Clifford L. Rigby, a Licensed Driller with over 30 years of environmental and geotechnical drilling experience, will continue to manage the division.
GEDCO performs Geotechnical, Environmental, Forensic and Offshore drilling. GEDCO owns various types of specialty drill rigs, trucks, support equipment and barges capable of performing a variety of drilling methods.
Innovative Environmental Technologies (IET), located in Pipersville, Pennsylvania, was founded in 1998 and is the oldest and most respected remedial contractor providing patented and licensed in-situ injection services in the United States.
IET provides turn-key design and implementation services to environmental consulting companies, as well as providing environmental drilling and geotechnical services.
"We are delighted by the opportunity to integrate our personnel and equipment into IET and the opportunities this will offer to our customers," said Clifford Rigby, the founder of GEDCO.
"The synergies of our companies were immediately apparent as soon as we began acquisition discussions."
"The GEDCO acquisition expands the reach of IET's drilling services into Texas and surrounding states," said Michael Scalzi, President of IET.
"GEDCO shares our values of safety, client services and technical excellence. GEDCO is known for their creative approach to complex environmental and geotechnical drilling projects."
Generational Equity Executive Managing Director of M&A - Central Region, Michael Goss, and his team, led by Managing Director Mergers & Acquisitions, Cory Strickland, with support from Vice President of Mergers and Acquisitions, Jacob Mangalath, successfully closed the transaction. Executive Managing Director Bill Kushnir established the initial relationship with GEDCO.
“I was thrilled to be able to help a legend in the drilling business with his goal to not only retire, but to leave his business in the hands of a buyer that will definitely take the company to the next level as a proven leader in the environmental remedial and drilling business,” said Strickland.
If you’d like to explore other M&A transactions our associates have supported in this industry, visit our dedicated Construction and Engineering M&A Deals page.
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