
Generational Group Advises GEDCO Drilling & Coring in Sale to Innovative Environmental Technologies
By Generational Group
02/18/2021
Generational Group, 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, Clifford 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 Group 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
Generational Group, headquartered in Dallas, TX, is a leading, award winning full-service M&A advisory firm. Generational has over 300 professionals across 16 offices in North America. The firm empowers business owners to unlock the full value of their companies through a comprehensive suite of services—including strategic growth consulting, exit planning education, business valuation, value enhancement strategies, M&A advisory, digital solutions, and wealth management.
Celebrating its 20th year, Generational has successfully closed over 1,700 transactions and has ranked #1 or #2 in all LSEG league tables for deals valued between $25 million and $500 million in 2022, 2023, and 2024.
The firm was named 2024 USA Investment Banking Firm of the Year by the Global M&A Network and recognized as Investment Banking Firm of the Year by The M&A Advisor in both 2024 and 2022.