Jun 10 2005
Boart Longyear has announced that it is to be sold by Anglo American plc to Advent International for an enterprise value of US$ 545 million, subject to normal regulatory approvals.
The sale to Advent International, one of the world’s leading private equity groups, successfully meets Anglo’s criteria for creating enhanced shareholder value while securing the long-term interest of Boart Longyear as an independent business.
“Anglo American’s decision to divest of Boart Longyear serves the strategic interests of both parties”, says Boart Longyear’s president and CEO, Paul Brunner, “and Advent’s investment will enable us to realize our growth plans.
“It’s a new era, with new opportunities, and as we move forward, customers can be reassured that our commitment to serving their needs remains unchanged.”
London-based Advent director Humphrey Battcock, who co-led the transaction, added: “Companies like Boart, which have historically operated as smaller divisions of larger parents, are exciting to work with and offer significantly untapped potential. In parallel with a programme of operating improvements, we will be employing a three-track growth strategy that will focus on consolidating Boart’s leadership through: a series of strategic acquisitions; increasing market penetration in under-represented territories; and diversification into non-mining drilling services where there are strong synergies with the company’s core areas of expertise.”
http://www.boartlongyear.com