Strategic Exit Advisors Supports Sale of TPI
November 3, 2022 Strategic Exit Advisors (SEA) is proud to announce the successful sale of TPI Environmental of Easton, PA to Summit Drilling, a leading drilling contractor in Bridgewater, NJ. The sale represents a strategic move to increase Summit Drilling’s capabilities and more effectively service customers. Currently, Summit Drilling provides a wide range of drilling services to the environmental, engineering/construction, utility infrastructure, and aggregate mining industries.
Regarding the acquisition, Summit Drilling’s President & CEO Ron Bucca remarked, “the team, services, and organizational culture at TPI are a great fit for us. Together, we are a stronger and more valuable contractor for customers in this region.”
Frank Fendler, President of TPI Environmental was equally enthusiastic and expressed, “joining the Summit family of companies is a great opportunity for us and for our customers.”
For 25 years, TPI Environmental has provided drilling, utility locating geophysics and remedial injection services to similar industries. Their large fleet of GeoProbes® and remedial injection capabilities bolsters and complements Summit Drilling’s current services, while adding geophysics, such as ground penetrating radar, line locating and magnifying electron microscopes (EM) to Summit’s list of internal capabilities.
Heading into the deal, Strategic Exit Advisors (SEA) Managing Director Rob Waring supported TPI Environmental’s search for the right buyer and was thrilled by the opportunity to work with Fendler and his team. Regarding the sale, Waring commented,
“At SEA, we are truly grateful to have worked with Mr. Fendler of TPI Environmental to find the right buyer. As one of the top environmental consulting and engineering firms in the Mid-Atlantic region, it’s been a privilege to honor their professional and financial goals, while making sure that the team, services, and organizational culture at Summit Drilling were a great fit. They were amazing partners in this deal.”
At the closing, Fendler enthusiastically added:
“We have built a great reputation here and can now offer more value through Summit’s extensive drilling technology and talented field teams. Their drilling technology, such as sonic, enables us to deliver a broader range of capability to customers while creating new career growth opportunities for our people. The future looks very bright.”
TPI provides top-notch geophysical and drilling services to geologists, engineers, and consultants throughout PA, NJ, MA, CT, RI, and NH.
Summit Drilling uses state-of-the-art environmental drilling, direct push, injection, and vacuum excavation equipment while providing industry-leading expertise to their customers.
Strategic Exit Advisors (SEA) is an investment bank that understands the emotional journey entrepreneurs face, focusing our work with business owners and founders to find the right buyer to align synergistically with teams, cultures, and values.
