Cascade Drilling L.P. Completes Acquisition Of Boart Longyear's U.S. Environmental And Infrastructure (E&I) Business

Transaction creates the largest Environmental and Geotechnical Drilling Company in the United States

Cascade Drilling, L.P. is pleased to announce the acquisition of Boart Longyear's Environmental and Infrastructure (E&I) drilling services business in the United States. The transaction combines the strengths of Cascade with those of the E&I business to create the largest and most technically capable environmental and geotechnical drilling company in the United States. Cascade now has over 200 high quality sonic, rotary, auger, coring and probe rigs serving clients in all regions of North America. The financing for the transaction was led by Emigrant Capital Corp. Terms of the agreement were not disclosed.

"The acquisition of E&I more than doubles the size of Cascade and combines two organizations with shared values of safety, client service and technical excellence," said Timothy Smith, CEO of Cascade. “Adding the E&I business gives us the ability to better serve our clients on a national level. E&I is known throughout the industry for its expertise in sonic drilling, and for its dedicated crews and operations managers. The combined company will have unmatched capabilities to provide sonic, rotary, auger, rock coring and direct push drilling services nationwide."

"We were delighted by the opportunity to support Cascade's acquisition of E&I," said Christopher Staudt, a Director with Emigrant Capital Corp. "We believe the combined capabilities of Cascade and E&I create the premier environmental and geotechnical drilling provider in the United States. We look forward to continuing to work with Cascade as it executes its growth plan."

The combined company will retain the Cascade Drilling, L.P. name and employ approximately 450 people in 19 offices nationwide. The E&I acquisition will bring Cascade’s total rig count to 215, including 80 sonic rigs.

Lincoln International served as exclusive financial advisor to Boart Longyear for the transaction. PNC Business Credit arranged the senior financing. Karr Tuttle Campbell and Robinson Bradshaw & Hinson provided legal advice to Cascade and Boart Longyear, respectively.

About Cascade Drilling
Cascade Drilling is a leading national provider of environmental, geotechnical, and mining drilling services for water and soil assessment, monitoring, and remediation. Cascade's services include full sized track and truck mounted sonic, mini-sonic, air and mud rotary, reverse circulation, auger, rock coring, direct push drilling and vacuum hole clearing. Cascade drills environmental and geotechnical borings and installs all types of wells and instrumentation for site characterization studies, installation of remediation systems, geotechnical investigations and for construction site dewatering. It has also completed hundreds of in-situ injection remediation projects. Cascade Drilling's core beliefs are safety, customer service and quality.

About Emigrant Capital Corp.
Emigrant Capital Corp. is a private equity firm that provides flexible capital solutions to finance acquisitions, fund growth, create liquidity and meet the other financial needs of middle-market businesses and their owners. For more information, visit www.emigrantcapital.com.