Milestone Partners Completes Sale of Blaschak Anthracite to Saint Nicholas Investor Group
25 Julio 2024 - 12:49PM
Blaschak Anthracite, a leading miner, preparer and marketer of
Pennsylvania anthracite, announced that the company’s owners, led
by majority shareholder Milestone Partners, completed the sale of
Blaschak in a management-led buyout to Saint Nicholas Investor
Group, LLC on July 19.
Saint Nicholas Investor Group is led by Blaschak management and
outside Board members and is also comprised of other friends and
family investors, including some who were previously invested in
Blaschak through Milestone Partners. The new owners plan on
continuing to invest in the business and seek opportunities for
growth.
“We deeply appreciate Milestone’s fifteen-year investment in
Blaschak, a commitment that surpasses industry norms and has been a
rewarding long-term partnership,” said Boyd Kreglow, CEO of
Blaschak Anthracite.
“Blaschak’s experienced workforce, quality reserves, processing
capacity, consistent quality and focus on meeting customer needs
have been unmatched since we first invested in the company,” said
Scott Warren, a Milestone Managing Partner.
“This is the perfect initial investment for us; Blaschak
Anthracite is an attractive place for people to invest their
capital, a key part of a growing industry with customers who want
to do business with them, and a desirable place to work with a
strong team in place,” said Greg Driscoll at Saint Nicholas
Investor Group. “Blaschak is a national leader for anthracite coal
production, a prime and growing source of needed carbon to the
Electric Arc Furnace sector of the steel industry both here and
abroad. We look forward to this new partnership.”
Blaschak will operate with no change to the current management
team under this new ownership structure. Customers can continue to
expect the same high-quality coal with no disruption to
service.
Milestone acquired a controlling interest in Blaschak in
2009.
Saint Nicholas Investor Group was advised by Fitzpatrick Lentz
& Bubba PC. Milestone Partners and other selling shareholders
were advised by Troutman Pepper Hamilton Sanders, LLP. The
company’s senior lender, Great Rock Capital, provided debt
financing for the transaction. Terms are not disclosed.
About Blaschak Anthracite
Blaschak Anthracite
(www.blaschakanthracite.com) is a miner, preparer and marketer of
Pennsylvania anthracite. Blaschak is a market leader and one of the
few fully integrated U.S. anthracite companies with a large reserve
base, multiple mines and preparation plants, a bagging plant, both
rail and truck loading facilities, and extensive marketing
operations serving a wide range of end markets, including home
heating, steel and water filtration.
Contact:
john.reynolds@buchananpr.com