American Industrial Partners Capital Fund VIII, an investment fund managed by AIP, has completed its purchase of Boart Longyear Group through a court-approved plan of arrangement.
“The closing of this acquisition marks a new chapter in Boart Longyear’s 134-year history,” said Zac Carson, AIP.
“Boart Longyear has been an industry leader for more than a century, and we aspire to further strengthen that position in partnership with company management by deploying AIP skills across areas including product engineering, aftermarket, procurement, quality systems, logistics, LEAN, IT, and finance. We look forward to partnering with the Boart Longyear team to capitalize on the large growth opportunities we mutually envision for the company.”
Established in 1890 and headquartered in Salt Lake City, Utah, Boart Longyear is a leading provider of drilling services, orebody-knowledge technology, and innovative, safe, and productivity-driven drilling equipment. The company’s primary focus is on mining and exploration activities spanning commodities including copper, gold, nickel, zinc, uranium, and other minerals.
“We are excited to partner with AIP and look forward to continuing our tradition of innovation and industry leadership,” said Boart Longyear president and CEO Jeff Olsen.
The takeover was first announced on 27 December of last year. The transaction was initially expected to be completed in the first quarter.
Source: Boart Longyear