American Industrial Partners Enters into Arrangement Agreement with Boart Longyear for Take-Private Transaction

Jan 3, 2024 | News

New York, NY – 3 January 2024
American Industrial Partners Capital Fund VIII, L.P., an investment fund managed by AIP, LLC (“AIP” or “American Industrial Partners”) announced last week that its entered into a binding arrangement agreement with Boart Longyear Group Ltd. (“Boart Longyear” or the “Company”) (ASX:BLY) to acquire all of the issued and outstanding common shares of Boart Longyear pursuant to a court approved plan of arrangement. The transaction is currently expected to be completed in the first quarter of 2024.

Each of the Company’s five largest shareholders, who in aggregate hold beneficial interests in 98.86% of the Company’s common shares, have entered into irrevocable voting and support agreements pursuant to which they have agreed to vote all of their respective Company shares in favor of the Transaction and against any alternative transaction. The voting and support agreement also restricts these shareholders from disposing of their Company shares, subject to certain limited exceptions.

“We are highly excited to partner with the Boart Longyear team to realize the Company’s powerful value creation agenda,” said Zac Carson of AIP. “Boart Longyear’s products and services are key enablers to growing production of critical minerals which are increasingly important to the global economy. We intend to accelerate the Company’s ability to capitalize on this opportunity with our differentiated operating resources and access to growth capital.”

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 listed on the Australian Securities Exchange in Sydney, Australia (ASX:BLY). More information about Boart Longyear can be found at www.boartlongyear.com.

We believe this transaction provides the Company’s shareholders with the opportunity to realize an attractive cash amount for their shares at a significant premium to the recent trading price. We also expect that our customers and employees will benefit from AIP’s planned investment in our core business to drive sustainable growth and long-term value,” said Jeff Olsen, President and CEO of Boart Longyear.

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 over $16 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, logistics, metals & mining, and transportation, 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 September 30, 2023. Please visit www.americanindustrial.com or contact [email protected] for additional information on AIP or the transaction.

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