Drill rig and tooling manufacturer Diedrich Drill has been acquired by Cape Kauri Partners LLC, according to a release from Prairie Capital Advisors Inc., an investment banking firm that acted as an advisor on the sale.

Diedrich Drill makes rigs for the environmental, geotechnical, geothermal and groundwater drilling industries. The company, based in LaPorte, Ind., also makes a variety of tooling, including augers, drill rods and soil samplers used in site investigation and monitoring. The company was founded in 1973.

Prairie worked with Diedrich ownership and management to prepare for the sale and manage marketing, due diligence, negotiation and closing. The Prairie transaction team included Tim Witt, managing director, and Tom DeSimone, vice president.

Private equity firm Cape Kauri Partners LLC invests with a philosophy of combining senior management and operating experience with the financial and investment expertise of private equity experts.

For more information about Diedrich Drill, visit www.diedrichdrill.com.