|By PR Newswire||
|January 7, 2013 11:21 AM EST||
ST. LOUIS, Jan. 7, 2013 /PRNewswire/ -- Empeiria Acquisition Corp. ("EAC"), a blank check company chaired by St. Louis businessman James N. Mills, announced today it has completed its business combination with Integrated Drilling Equipment Company Holdings Inc. ("IDE"), an established manufacturer of drilling rigs and rig components and provider of rig refurbishment and reconfiguration services to contract drilling companies worldwide. Mr. Mills remains chairman of the combined company, which will continue to be traded publicly under the ticker "EPAQ."
Mr. Mills, along with his partners at Empeiria Capital Partners, a private equity firm focused on the industrial, food and consumer products, energy, and transportation sectors, formed EAC in January 2011. Structured as a SPAC, or special purpose acquisition company, EAC raised $60 million in an initial public offering in June 2011 with the intention of acquiring an operating business with strong fundamentals.
In October 2012, EAC announced its intention to merge with Houston-based IDE. Mr. Mills and his partners were attracted to IDE because of the company's expertise in manufacturing state-of-the-art drilling rigs to meet the demands of modern drilling. In addition, they were impressed with IDE's ability to customize rigs in a cost-effective and efficient way and its significant revenue growth.
"Throughout my career, I have always taken a 'buy-and-build' approach to investing. I look for strong businesses and work with them to realize their value," said Mr. Mills. "IDE had all the hallmarks of an investment I like. As oil and gas companies increase their development of complex and unconventional resources, the demand for high-specification rigs will continue to grow. I believe that IDE is well-positioned to capitalize on that trend."
Mr. Mills added, "We are looking forward to helping IDE grow both organically and through additional acquisitions when the right opportunities arise."
Mr. Mills has over 40 years of operating experience in senior and corporate level positions with a variety of successful major manufacturing companies. In addition to his duties at Empeiria Capital Partners and EAC, Mr. Mills also serves as Chairman of the Board and Chief Executive Officer of Mills & Partners, Inc., a management and investment firm that specializes in the acquisition and operation of commercial and industrial manufacturing companies, since its formation in 1985.
Mr. Mills has, in the past, served as Chairman of the Board and Chief Executive Officer of each of the Mills & Partners portfolio companies, including Clarke Floor Equipment, Palco Industries, Wirekraft Industries, Berg Electronics, Jackson Products, Crain Holdings, International Wire Group, and Viasystems Group. Mr. Mills also previously served on the board of directors of Conner Steel Products, a manufacturer of equipment for the oil and gas industry from June 2006 to May 2011.
Mr. Mills is also active in the community, having worked with several organizations, including the National Sudden Infant Death Syndrome Foundation, the National Aid to Visually Handicapped Children, the American Management Association, the President's Council of St. Louis University, and the Presidents' Association of the American Management Association.
IDE and its predecessor companies have been active in providing services and products to the drilling industry since 1981. IDE's principal service and product offerings consist of the construction of new land rigs based on IDE designs or customized to customers' specifications; providing extensive reconfiguration and refurbishment services for land rigs to repair and extend their life or to adapt them for different drilling environments; providing offshore rig upgrade packages, refurbishment services, and related components for offshore newbuild rigs; supplying integrated electrical systems and control systems for a wide range of land and offshore drilling rigs; and providing engineered hydraulic rig solutions.
For more information on IDE, please visit: http://www.ide-rig.com/.
EAC was formed on January 24, 2011 for the purpose of acquiring one or more operating business or assets through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction (an "initial business transaction"). The merger with IDE constituted EAC's initial business transaction.
In addition to historical information, this release may contain a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "expect," "project," "intend," "plan," "believe," and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. Forward-looking statements include, but are not limited to: statements about the benefits of the merger; the combined company's plans, objectives, expectations, estimates and intentions; and other statements that are not historical facts. Forward-looking statements involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties. There can be no assurance that actual results will not materially differ from expectations. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements. Additional risks and uncertainties are identified and discussed in EAC's reports filed with the SEC and available at the SEC's website at www.sec.gov. Forward-looking statements included in this release speak only as of the date of this release. EAC undertakes no obligation to update its forward-looking statements to reflect events or circumstances after the date of this release.
Alan B. Menkes
Empeiria Acquisition Corp.
SOURCE Empeiria Acquisition Corp.
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Sep. 30, 2016 05:45 PM EDT Reads: 1,368
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 30, 2016 05:30 PM EDT Reads: 691
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Sep. 30, 2016 04:45 PM EDT Reads: 2,002
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Sep. 30, 2016 04:45 PM EDT Reads: 5,308
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Sep. 30, 2016 04:30 PM EDT Reads: 392
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Sep. 30, 2016 04:30 PM EDT Reads: 1,824
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Sep. 30, 2016 04:30 PM EDT Reads: 732
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 30, 2016 04:00 PM EDT Reads: 3,587
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Sep. 30, 2016 03:45 PM EDT Reads: 3,659
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 30, 2016 03:30 PM EDT Reads: 383
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 30, 2016 03:00 PM EDT Reads: 572
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Sep. 30, 2016 03:00 PM EDT Reads: 3,672
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
Sep. 30, 2016 03:00 PM EDT Reads: 1,249
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 30, 2016 03:00 PM EDT Reads: 3,015
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Sep. 30, 2016 03:00 PM EDT Reads: 1,655