Lime Rock Partners Announces Investment in IDM Equipment3/20/2006
HOUSTON, March 20, 2006 — Lime Rock Partners, a private equity firm focusing on the energy industry, today announces an investment in IDM Equipment, Inc., a Houston-based supplier of drilling rigs and integrated drilling systems. Founded in 1986 to provide electrical and mechanical services to the oil drilling industry, IDM Equipment has evolved into a complete land rig manufacturer, offering both custom rigs and its leading-edge Quicksilver Drilling Systems.
Led by Norman Myers and David Huntington, IDM Equipment manufactures rigs and power and control products from its fifteen-acre facility in northwest Houston. Its power and control products include engine/generator sets, SCR systems, AC Variable Frequency Drive systems, and complete integrated drilling and monitoring systems. Its rig products include automatic drillers, AC drawworks, turnkey land rigs, and custom rig designs ranging from 1,000 to 3,000 horsepower. IDM Equipment’s Quicksilver Drilling System, introduced in 2004, is an innovative quick moving drilling rig with marked advantages in safety, speed, and cost over competing rigs.
Tom Bates, Managing Director of Lime Rock Partners, noted, “We are excited to make an investment in IDM. Norm and David are exceptionally well-qualified managers with a great depth of experience in this industry segment. The technical advantages of the Quicksilver Drilling Systems and IDM’s other products have already proven themselves in the market.” Will Franklin, a Principal of Lime Rock Partners, went on to say, “David and Norm have built a solid franchise over the last three decades. The entire IDM team has won considerable orders for Quicksilver and other full rig packages, and we expect the company’s strong sales to continue.”
Norman Myers, CEO of IDM Equipment, said, “We are also excited to have Lime Rock as our investment partner. The firm proved itself flexible and creative in negotiating its investment, and we believe Lime Rock will add considerable value as we continue to grow IDM.” David Huntington, President and COO of IDM, added, “We continue to believe that there is a growing market for newbuild land rigs in the U.S. and internationally. With Lime Rock on board, we are even better prepared to meet that demand with our full suite of rigs and products.”
IDM Equipment was advised by Parks Paton Hoepfl & Brown, LP.
For more information on IDM Equipment, please visit www.idmequipment.com.
Established in 1998, Lime Rock manages $1.3 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. With $850 million under management, Lime Rock Partners invests growth equity in high-growth conventional oil service, oil service technology, and exploration & production companies in North America and Europe. From offices in Aberdeen, Scotland; Calgary, Alberta; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships and deep interdisciplinary expertise in finance and energy company operations. For more information, please visit www.lrpartners.com.Back to News