Schramm, Inc. Expands Aftermarket Services Segment Through Hardwick Machinery Joint Venture
Company pursues growth in aftermarket and global mining rebound
Schramm Board Member Otis Spencer appointed President and CEO of Schramm, Inc.
WEST CHESTER, Pa., June 29, 2020 /PRNewswire/ -- Schramm, Inc., a world-class manufacturer of hydraulic rotary drilling rigs, today announced a new joint venture with longtime collaborator Hardwick Machinery, a prominent equipment design, repair and rebuilding firm based in Salt Lake City, UT. The combination will enable Schramm to deliver a wider array of aftermarket services to customers worldwide, including same-day on-site maintenance at mines throughout the western United States.
The partnership with Hardwick is a keystone of Schramm's long-term strategy to complement its existing backlog of OEM rig sales with superior aftermarket maintenance and support services for gold and other resurgent mining segments in Australia, the western U.S., Canada, China and Chile.
To further facilitate its growth strategy, Schramm, Inc. announced that board member Otis Spencer, will transition from his current role of Operating Partner at parent company GenNx360 Capital Partners, and assume the position of President and Chief Executive Officer of Schramm, Inc. Mr. Spencer has been deeply involved with Schramm since joining GenNx360 in 2014. Following Schramm's acquisition, he assisted with the integration of two bolt-on companies as well as the development of the overall enterprise and was subsequently appointed a member of the Schramm, Inc. board of directors in 2019. Mr. Spencer's appointment signifies GenNx360's commitment to the overall success of Schramm.
Mr. Spencer succeeds Craig Mayman, who will become Schramm's Executive Vice President of Sales, Marketing & Aftermarket. From his new base in Adelaide, South Australia, Mr. Mayman will oversee Schramm's business development and calibration toward the mining market segment by identifying and executing strategic partnerships that will further enhance Schramm's original equipment and aftermarket offerings. In addition, Mr. Mayman will direct all operations in Australia, currently the world's most active mining market and a cornerstone of Schramm's global business.
"I am honored by the trust placed in me by GenNx360 and Schramm's board of directors and energized by the positive growth opportunities before us at Schramm," Mr. Spencer said. "Despite significant global business challenges due to the coronavirus, we have a strong backlog of new rig orders and several large aftermarket opportunities through our Brisbane and Perth facilities. This new joint venture with Hardwick Machinery further accelerates both our spectrum and delivery of services to customers throughout the American West and globally, underscoring Schramm's worldwide commitment to premier customer support."
Justin Hardwick, President of Hardwick Machinery, said, "After many years of close cooperation between Hardwick and Schramm, we have elected to double down on our relationship. The product of this partnership will be nothing less than a powerhouse of the global drilling industry, an integrated entity capable of building and maintaining rigs from end to end. The biggest winners of the joint venture are our customers, who will enjoy speedy, reliable and quality service, no matter where in the world they are operating."
Craig Mayman, Executive Vice President of Schramm, Inc., added, "It was my honor to serve as President of Schramm for the past 2 years and my pleasure to see a leader of Otis Spencer's caliber and vision take the reins. After finalizing the joint venture with Hardwick Machinery, I look forward to returning home to Adelaide to lead Schramm's rapidly-expanding Australian operations as well as global business development for the company."
Mr. Mayman will continue to work from West Chester for several months before moving back to Australia after more than a decade in the U.S., including nearly 5 years of distinguished service to Schramm in various capacities.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
About Schramm, Inc.
Privately-held Schramm was founded in 1900 and is a world-class API-Q1, ISO-9001 certified manufacturer based in West Chester, PA USA. Schramm uses a consultative approach to design and build fit for purpose drilling systems. The solutions include a number of trailer, track, and truck mounted drilling rigs built for high mobility, power density, and reliability. With over 2000 rigs in service, Schramm continues to deliver safety and value for customers working in Energy, Mining, and Water Development. http://www.schramminc.com/
About Hardwick Machinery
Hardwick Machinery is a professional design, fabrication and repair firm founded in 1998. Based in West Jordan, UT, Hardwick provides maintenance services to all manner of heavy equipment used in drilling, mining and construction across the United States. https://www.hardwickmachinery.com/
SOURCE Schramm, Inc.
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