DALLAS--(BUSINESS WIRE)--Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is 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, Cliff 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. The synergies of our companies were immediately apparent as soon as we began acquisition discussions," said Clifford Rigby, the founder of GEDCO.
"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.
About Generational Equity
Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.
With over 250 professionals located throughout North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.
The M&A Advisor named the company the 2017 and 2018 Investment Banking Firm of the Year and Valuation Firm of the Year in 2020. For more information, visit https://www.genequityco.com/
