Environmental Capital Partners, a New York based private equity firm, has made an investment in Cascade Drilling in order to fund the company’s future growth initiatives.
Bruce Niermeyer, Cascade Drilling’s founder, remains a significant shareholder and will continue as president and chief executive.
Terms of the agreement were not disclosed.
“We are delighted with our investment in Cascade Drilling. By providing environmental drilling services for water and soil assessment, monitoring, and remediation purposes, Cascade Drilling is a perfect fit with our broader mission to promote the growth of companies that enhance environmental sustainability,” says Robert Egan, a managing partner of ECP. “Our investment provides the business with the flexibility to grow beyond existing locations in Seattle, Los Angeles, Sacramento and Portland and for expanded service offerings while maintaining its keen focus on safety and customer service.”
“Our relationship with ECP will provide us with a long-term partner to promote future growth and enable us to build upon our leadership position by expanding the locations in which we offer clients the highest level of service and safety,” says Niermeyer. “I view the transaction as a natural progression within Cascade Drilling’s lifecycle. We have grown without outside resources to cover the entire West Coast and are now at the point where it makes sense to team with an institutional partner to take the Company to the next level.”
Cascade Drilling is a provider of environmental drilling services for water and soil assessment, monitoring, and remediation purposes on the West Coast. It also provides rotary, sonic and other drilling methods. The company drills holes for a wide range of reasons, including providing samples of water and soil, installation of devices through drilling that facilitate monitoring, and subsurface application of chemicals or other agents for in situ remediation.
