NEW YORK, April 10, 2024 /PRNewswire/ -- American Industrial Partners Capital Fund VIII, L.P., an investment fund managed by AIP, LLC ("AIP" or "American Industrial Partners") today completed its purchase of Boart Longyear Group Ltd. ("Boart Longyear" or the "Company") (ASX:BLY) 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 of 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, 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.
Boart Longyear is headquartered in Salt Lake City, Utah, and was previously listed on the Australian Securities Exchange in Sydney, Australia (ASX:BLY). More information about Boart Longyear can be found at www.boartlongyear.com.
"We are excited to partner with AIP and look forward to continuing our tradition of innovation and industry leadership," said Jeff Olsen, President and CEO of Boart Longyear. "Today is a great day for our customers, suppliers, and employees.
Please see here for additional details on the transaction: https://www.boartlongyear.com/company/investors/announcements/.
About American Industrial Partners
AIP has deep roots in the industrial economy and currently manages approximately $17 billion on behalf of its limited partners. AIP is distinctively focused on industrial businesses across a broad range of end-markets that include aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, metals and mining, and transportation and logistics, among others. AIP seeks to generate differentiated returns by working with management teams to implement comprehensive Operating Agendas to improve profitability and build long-term value. Current AIP portfolio companies generate aggregate annual revenues in excess of $28 billion and employ over 70,000 employees as of December 31, 2023. Please visit www.americanindustrial.com or contact [email protected] for additional information on AIP or the transaction.
SOURCE American Industrial Partners
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