Empeiria Acquisition Corp. has merged with Integrated Drilling Equipment Company Holdings Inc. (IDE), announced IDE CEO Steve Cope.

Based in Houston, IDE is a leading provider of land drilling rigs, rig refurbishment and reconfiguration services, upgrade packages and related components for offshore rigs, and integrated electrical and control systems for land and offshore rigs. IDE provides these products and services to contract drilling companies worldwide. For the three years ended December 31, 2011, IDE generated revenues of $66.8 million, $116.5 million and $163.6 million, respectively. For the six months ended June 30, 2012, IDE generated revenues of $161.7 million, which was up 261 percent over the comparable period in 2011.

IDE's management team, led by Cope; Richard Dodson, President and Chief Operating Officer; and Tony Beebe, Managing Director of Operations will continue to lead the combined entity following the merger. Michael Dion, EAC's Executive Vice President and Director, will join the IDE management team as Chief Financial Officer. James N. Mills, Chairman of EAC's Board of Directors, will continue in that role post-merger, and Alan Menkes, CEO of EAC, will continue as a Director.

Tags: Integrated Drilling Equipment (IDE) Company