Lime Rock to Invest in Land Rig Manufacturer

Lime Rock Partners, a private equity firm focusing on the energy industry, is investing in IDM Equipment, a Houston-based supplier of drilling rigs and integrated drilling systems.

Led by Norman Myers and David Huntington, IDM manufactures rigs and power and control products from its 15-acre facility in northwest Houston. Its power and control products include engine/generator sets, SCR systems, AC variable frequency drive systems, and integrated drilling and monitoring systems. Its rig products include automatic drillers, AC drawworks, turnkey land rigs, and custom rig designs ranging from 1,000 to 3,000 horsepower.

"We are excited to make an investment in IDM," said Tom Bates, Lime Rock's managing director. "Norm and David are exceptionally well-qualified managers with a great depth of experience in this industry segment."

"We are also excited to have Lime Rock as our investment partner," noted Myers, CEO of IDM. "The firm proved itself flexible and creative in negotiating its investment, and we believe Lime Rock will add considerable value as we continue to grow IDM." David Huntington, the company's president and COO, added, "We continue to believe that there is a growing market for newbuild land rigs in the US and internationally. With Lime Rock on board, we are even better prepared to meet that demand with our full suite of rigs and products."