Salt Lake City, Utah August 10, 2006 - In a move that will bring the leading global provider of products and services to the natural resources sector back into surface work in Western Australia and into the iron ore market, Boart Longyear CEO Paul Brunner today announced his company’s acquisition of Perth, WA-based North West Drilling from Australia’s Graham Kluck Holdings. The North West Drilling acquisition will complement Boart Longyear’s underground core drilling services in Western Australia, where the company currently operates 20 rigs.
The role Graham Kluck will play in the integration process was underscored by Brunner who said, “We will draw on his extensive knowledge and experience in the industry and he will have a key role in business development and technology transfer.” Kluck in turn, commented, "The resources of Boart Longyear will allow North West Drilling to move to the next level. Their global footprint and technology will enable North West and its employees to grow and provide future customers with the same quality of service they have come to expect from us in the past 20 years.” Summarizing the shared values that underlie this acquisition, Brunner said, “We rarely see a company with the level of professionalism that exists within North West Drilling. Their culture, ethics and values are aligned with our own. This is a Company that sets extremely high standards and consistently delivers against them. We are extremely proud to welcome these talented people who take tremendous pride in what they do into Boart Longyear.”
Brunner also announced that Paul Mander, while maintaining his accountabilities as North West Business Manager, Drilling Services, will have overall responsibility for this acquired company and its integration into Boart Longyear’s global strategies and that Mark Eftim will act as Integration Manager with responsibility for the integration and alignment of systems and processes. Over the next six months, the businesses will be integrated to provide current and potential customers with a broad range of surface and underground mineral exploration and Sonic Drilling services. Key contacts within both business units will remain the same.
North West Drilling employs 75 people, operates eight surface rigs (with a ninth on order) and is focused on servicing customers in iron ore in the North West of Western Australia, with a current focus on servicing the iron ore sector in the Pilbara region. Led by Kluck, the company has built a two-decade track record of growth and a reputation for quality, technical leadership and customer service. The addition of this significant capability will strengthen the position of Boart Longyear’s 7,000 employees worldwide, operating in more than 30 countries, with a strong presence in mining and mineral exploration markets throughout North and South America, Europe, Asia Pacific and Sub-Saharan Africa.
Boart Longyear, with 2005 sales of over $1 billion is unique in its combination of products and services offerings, providing customers with excellence in four global product groups:
• Drilling services (mining and non mining)
• Exploration drilling tools & equipment
• Rock Drills & Rock Drilling Tools
• Geo-environmental instrumentation, tools & equipment.
Boart Longyear (www.boartlongyear.com), the global organization headquartered in Salt Lake City, UT and operating in more than thirty countries on six continents, is the leading supplier of products, systems and services to the natural resource (minerals, energy and water), construction and quarrying industries and industrial markets worldwide.
Advent International, one of the world’s top three global buyout firms, with 14 offices in 14 countries across North America, Latin America, Western and Central Europe, and Asia is the majority owner of Boart Longyear, having purchased the company from Anglo American plc in July 2005. Bain Company is Advent International's investment partner.
Bain Capital, LLC is a global private investment firm whose affiliates collectively manages several pools of capital including private equity, venture capital, public equity and leveraged debt assets. Currently, Bain Capital’s affiliates have more than $37 billion in assets under management. Since its inception in 1984, Bain Capital’s private equity team has made investments and add-on acquisitions in over 230 companies around the world. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Tokyo, Hong Kong and Shanghai.
For further information contact:
Annette Cunningham ASC International, Ltd.
212-684-1212
acunningham@ascintpr.com
