GenNx360 Capital Partners, a New York industrial-companies buyout firm run by former GE partners, says it has joined with deep-drilling-rig builder Schramm Inc. president Edward Breiner and other managers to buy the 100-year-old West Chester firm, in hopes of boosting sales and cutting costs.
GenNx360 won't say what it's paying descendants of the founding Schramm family, who sold because the company wanted to expand and needed capital, according to people familiar with the transaction.
Schramm employs around 240. GenNx360 plans no operational changes, according to two people familiar with terms of the sale.
Schramm enjoyed global recognition in 2010 when its "Miracle" rig helped rescue 33 trapped miners in Chile. Schramm, which makes drills designed to go up to three miles underground, has boomed as natural gas drilling expanded in Pennsylvania and other states in recent years.
“GenNx360’s resources, Schramm’s business model, and the Company’s talented management team will create a powerful combination,” said Drew Shea, Managing Partner at GenNx360, in this statement.
A team of lawyers headed by James Lebovitz from Philadelphia's Dechert LLP represented Schramm in the deal.