American Industrial Partners Capital Fund VIII LP, an investment fund managed by AIP LLC of New York City, has completed its purchase of West Valley City-based Boart Longyear Group Ltd. through a court-approved plan.
Established in 1890, Boart Longyear is a provider of drilling services, orebody-knowledge technology and drilling equipment. The company’s primary focus is on mining and exploration activities spanning commodities including copper, gold, nickel, zinc, uranium and other minerals. The company has nearly 6,000 employees.
“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.”
AIP intends to take the currently publicly traded Boart Longyear private with the acquisition. Boart Longyear was previously listed on the Australian Securities Exchange in Sydney.
“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.”
AIP currently manages approximately $17 billion on behalf of its limited partners. AIP is 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.