South Africas Nedbank Capital buys U.S mining unitadmin
South Africa’s Nedbank Capital said on Wednesday it had acquired Mining Capital Equipment, a unit of U.S drilling services group Boart Longyear , through a leveraged buyout.
Nedbank Capital, a unit of banking group Nedbank , bought the unit for an undisclosed amount with black empowerment group Matasis Investment Holdings and management.
“The business is focused and now well positioned to take advantage of the significant expansions being undertaken by local mining houses,” Dave Stadler, head of private equity at Nedbank Capital said in a statement.
The unit of Boart Longyear, renamed Aard Mining Equipment, manufactures and markets specialist low-profile drilling, grading and hauling machinery for the mining industry in southern Africa and abroad.