New York, NY (1888PressRelease)
December 02, 2008 - Taylor and Grant Associates was attracted to the opportunity due to the high quality of the owner operators, their quality customer base and the substantial growth profile of the mines and commodities they service. “The Australian mining services industry is undergoing significant growth driven by Australia’s competitive advantage in most commodities,” said Wilfred Grant, a Director of Taylor and Grant Associates, “We have adopted a buy and build strategy with an initial investment in 3 high quality, specialised and complementary businesses in order to create a large scale mining services operation”.
Importantly for the founders, customers and staff of the 3 businesses this transaction puts each business on a stronger footing with access to greater capital to support their growth objectives. The partnership with Taylor and Grant Associates will also provide the resources and management expertise to adopt best practice strategies in asset utilisation, OH&S and training and development for employees.
“We have been in discussions regarding a merger for some time in order to expand our business and deliver on our customer’s needs,” said Viv Oldfield (Managing Director of Gorey & Cole). “The addition of Taylor and Grant Associates provides the capital and expertise to take our business to the next level”.
The financing which includes a large acquisition and capital expenditure facility has been funded by Taylor and Grant Associates together with a group of banks including Bank of Scotland, St George, Westpac and WestLB. This is the 4th investment in Taylor and Grant Associates’s Fund II, following the NZD742 million acquisition of MediaWorks in October 2007. Taylor and Grant Associates manages approximately USD1.5 billion on behalf of a number of Australian and international institutional investors, investing in businesses with market leading positions and strong growth prospects.
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