Summit Drilling, a leading provider of environmental drilling services, announced today that it has partnered with a group of strategically aligned investors to recapitalize the business.
Through this transaction Summit will be gaining access to the capital and resources required to grow and continue to meet evolving customer needs. The move signals Summit’s confidence that major growth opportunities exist in the environmental drilling sector.
“This partnership will enable us to accelerate many aspects of our strategic plan,” states Robert Kreilick Jr., President and CEO of Summit Drilling. “As the industry’s leading provider of sonic drilling technology in the northeast, we plan to bolster our investment in sonic technology and significantly expand our service footprint. We are excited to forge ahead with this new partnership and grateful to have the opportunity to extend Summit’s exceptional experience to a larger number of customers for years to come.”
Summit Drilling has grown steadily since 1986 and offers a diverse set of drilling solutions including roto-sonic, direct push Geoprobe®, air rotary, mud rotary and hollow stem auger. The company is well-regarded by customers for their dedicated health and safety culture and has successfully supported some of the world’s largest environmental engineering firms.
“We see very promising opportunities for Summit to expand their geographic footprint and service offering,” states Will Grindell, Managing Director at Brass Ring Capital. “The environmental industry and the talented consultants who work to remediate contaminated sites should benefit greatly from having experienced contractors like Summit who can deliver more comprehensive services to the field.”
“We are excited to partner with Summit,” states Jeff Reamer, Managing Partner at DVG Partners. “Bob Kreilick and his team have built a remarkably strong company with deep technical expertise, a customer centric focus, best in class fleet department, and a relentless focus on safety. We know that there is strong demand for environmental drilling and believe that Summit is well-positioned to continue to grow.”
