Jun 27 2006
Boart Longyear has announced the sale of their Hardmaterials & Soft Rock Tools division ("HMSR") to Equita Management GmbH ("Equita"), a private equity company located in Bad Homburg, Germany.
HMSR, a Boart Longyear operating division for the last 24 years, produces, markets and distributes components made of tungsten carbide, tungsten carbide and steel composites and ceramics for industrial and mining applications. Its principal products are specially-engineered wear parts used in all types of industrial applications; mining inserts used for rotary percussive drill bits; softrock cutting tools for coal and other soft minerals, as well as road planning picks used for the removal of road surface materials in the reconstruction process.
HMSR has 790 employees and manufacturing facilities in Germany, South Africa and China, all of which are well situated for the industries and customers that they serve.
Boart Longyear was purchased in July 2005 by Advent International, along with Bain Capital, from Anglo American plc.
Bain Capital, LLC is a global private investment firm whose affiliates collectively manage 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.
http://www.boartlongyear.com