Lime Rock Partners, Houston, a private equity firm focusing on the energy industry, announced an investment in IDM Equipment, Inc., a Houston-based supplier of drilling rigs and integrated drilling systems. IDM Equipment manufactures rigs and power and control products from its facility in northwest Houston. Its power and control products include engine/generator sets, SCR systems, AC-variable frequency drive systems, and complete 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. IDM Equipment is headed by Norman Myers, chief executive officer, and David Huntington, president and chief operating officer. The company was advised by Parks Paton Hoepfl & Brown, LP, an energy investment banking firm. Tom Bates, managing director of Lime Rock Partners, says, "We are excited to make an investment in IDM." Will Franklin, a principal of Lime Rock Partners, says, "David and Norm have built a solid franchise over the last three decades. The entire IDM team has won considerable orders for Quicksilver and other full rig packages, and we expect the company's strong sales to continue."
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