Charger Investment Partners (Charger), a California-based private equity firm, has partnered with management to complete the acquisition of Indianapolis, Indiana, headquartered drill rig manufacturer Versa-Drill.

Versa-Drill exemplifies the type of business Charger seeks to partner with

"Versa-Drill exemplifies the type of business Charger seeks to partner with, an essential infrastructure platform with a legacy of engineering excellence and clear opportunities for growth," Chris Boyle, co-founder and partner at Charger, said. "We're excited to support Versa-Drill as it accelerates new product development, expands its aftermarket parts and service offering, and drives continued innovation in the drilling rig market."

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," Marcus Laibe said. "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."

Utilising growth capital from Charger, the Versa-Drill plans to introduce multiple new products in the near term, including a track-mounted rig specifically targeting the geothermal end market, and a lightweight rig that does not require a commercial driver's license.