In business news, Blaschak Anthracite has announced an ownership change.
The company’s owners, led by majority shareholder Milestone Partners, have completed the sale of Blaschak in a management-led buyout to Saint Nicholas Investor Group, LLC. The transaction was finalized on July 19th, 2024.
Saint Nicholas Investor Group is led by Blaschak's own management team and outside Board members, along with other friends and family investors, including some previously invested through Milestone Partners. The new owners have expressed their commitment to continue investing in the business and exploring growth opportunities.
Blaschak CEO Boyd Kreglow expressed gratitude towards Milestone Partners, saying, “We deeply appreciate Milestone’s fifteen-year investment in Blaschak, a commitment that surpasses industry norms and has been a rewarding long-term partnership.”
Scott Warren, a Milestone Managing Partner, added, “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.”
Greg Driscoll from Saint Nicholas Investor Group also shared his optimism about the acquisition, stating, “Blaschak Anthracite is a key part of a growing industry with customers who want to do business with them. It’s a desirable place to work with a strong team in place.”
Driscoll emphasized Blaschak's role as a national leader in anthracite coal production, a vital component for the Electric Arc Furnace sector of the steel industry both domestically and internationally. He looks forward to the new partnership.
Despite the change in ownership, Blaschak will continue operations with no changes to its current management team. Customers can expect the same high-quality coal with no disruption in service.
Milestone Partners originally acquired a controlling interest in Blaschak back in 2009.
Saint Nicholas Investor Group was advised by Fitzpatrick Lentz & Bubba PC, while Milestone Partners and other selling shareholders were advised by Troutman Pepper Hamilton Sanders, LLP. Great Rock Capital, the company’s senior lender, provided debt financing for the transaction. The terms of the deal have not been disclosed.
Saint Nicholas Investor Group is led by Blaschak's own management team and outside Board members, along with other friends and family investors, including some previously invested through Milestone Partners. The new owners have expressed their commitment to continue investing in the business and exploring growth opportunities.
Blaschak CEO Boyd Kreglow expressed gratitude towards Milestone Partners, saying, “We deeply appreciate Milestone’s fifteen-year investment in Blaschak, a commitment that surpasses industry norms and has been a rewarding long-term partnership.”
Scott Warren, a Milestone Managing Partner, added, “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.”
Greg Driscoll from Saint Nicholas Investor Group also shared his optimism about the acquisition, stating, “Blaschak Anthracite is a key part of a growing industry with customers who want to do business with them. It’s a desirable place to work with a strong team in place.”
Driscoll emphasized Blaschak's role as a national leader in anthracite coal production, a vital component for the Electric Arc Furnace sector of the steel industry both domestically and internationally. He looks forward to the new partnership.
Despite the change in ownership, Blaschak will continue operations with no changes to its current management team. Customers can expect the same high-quality coal with no disruption in service.
Milestone Partners originally acquired a controlling interest in Blaschak back in 2009.
Saint Nicholas Investor Group was advised by Fitzpatrick Lentz & Bubba PC, while Milestone Partners and other selling shareholders were advised by Troutman Pepper Hamilton Sanders, LLP. Great Rock Capital, the company’s senior lender, provided debt financing for the transaction. The terms of the deal have not been disclosed.