TEI Rock Drills, the Montrose-based manufacturer of specialized drilling equipment, has been acquired by Illinois company Entegra Attachments LLC, according to a company news release.
The acquisition was announced by Entegra Attachments, based in St. Charles, Illinois. Financial terms of the deal were not disclosed.
Founded in 1980, TEI Rock Drills manufactures hydraulic rock drilling equipment used in underground utilities, mining, tunneling and construction projects. The company’s equipment is used for applications including bridge foundations, soil stabilization and installations in limited-access areas.
The company was founded by Bill Patterson, formerly chief engineer for Gardner-Denver, and later led by his daughter, Sue Frank, who has served as president since 2006.
According to the release, about half of TEI’s business comes from excavator attachments, hydraulic rigs and related drilling equipment, while the remainder comes from drill heads, parts and accessories. The company manufactures its products at its headquarters facility in Montrose using primarily North American components.
Entegra CEO Mike Flannery said the acquisition strengthens the company’s pile driving and drilling operations and complements earlier acquisitions, including Hercules Machinery Corporation of Fort Wayne, Indiana, and Titan Metal Worx.
“HMC was the pioneer in North America and is now the leader in the supply of the most durable and reliable vibratory pile driving systems available today,” Flannery said in the release. “TEI’s winning proposition in drilling systems plus HMC’s premier position in pile driving, supported by the highest service, expertise, and training, makes for an unbeatable proposition.”
Frank said TEI selected Entegra after considering potential partners that could support the company’s long-term growth.
“Entegra’s people-centric values, portfolio synergies, expertise, and superior investment capability were among the main reasons for our decision to join the Entegra family of highly specialized companies,” Frank said in the release.
Entegra’s portfolio also includes Bloom Manufacturing, a hydraulic winch manufacturer, and B&D Fabricators, a heavy construction attachments company that recently acquired Leading Edge Attachments.
Justin Tubbs is the Montrose Business Times editor. He can be reached by email at justin@montrosebusinesstimes.com or by phone at 970-765-0915 or mobile at 254-246-2260.
