Fred Weber has sold a majority stake in General Drilling, combining the business with Venture Drilling East to create the Iron Pillar drilling platform.
Fred Weber has completed the majority sale of General Drilling, combining the blast-hole drilling specialist with Venture Drilling East to form Iron Pillar, a new drilling services platform for the US aggregates industry. The transaction sees Iron Pillar backed by Mascarene Partners.
Fred Weber chief executive officer Doug Weible will also serve as chief executive officer of Iron Pillar, while Brent Taylor has been appointed president. Fred Weber and the former owners of Venture Drilling East have each retained an ownership interest in Iron Pillar alongside Mascarene Partners.
General Drilling has provided blast-hole drilling services to stone quarries for more than 50 years. The company operates a fleet of more than 30 track- and truck-mounted drill rigs, serving quarry customers across Indiana, Kentucky, western Ohio and eastern Illinois.
Iron Pillar, headquartered in Conyers, Georgia, provides drilling services to aggregate producers and quarry owners throughout the Southeast and Midwest. The combination brings the two drilling specialists together under a single brand to create a larger platform serving the US aggregates industry.
Weible said the transaction would strengthen the company’s ability to support quarry customers across multiple regions.
“Bringing General Drilling and Venture Drilling East together creates a scaled drilling services provider in the US aggregates industry,” he said.
“Our customers want a partner who can deliver consistent quality across multiple geographies, and the combined platform positions Iron Pillar to do exactly that. We are pleased to have Mascarene as our long-term partner in that effort.”
Financing for the transaction was provided by Varagon Capital Partners. McGuireWoods acted as legal counsel to Mascarene, while Forge West Consulting served as financial adviser to Venture Drilling East. ButcherJoseph advised Fred Weber on the transaction.
“This transaction allows General Drilling to combine with a strong strategic partner in Venture Drilling East while providing a great outcome for Fred Weber. We were proud to support the team through this process,” ButcherJoseph & Co director Robert Reavis said.
