Charger Investment Partners (“Charger”) announced today that it has partnered with management to complete 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.

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 Marcus 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.