Epiroc has agreed to buy South African niche underground manufacturer AARD Mining Equipment for an undisclosed sum.
Established in 1983 as a part of Boart Longyear, AARD says it has supplied its drill rigs, bolters, loaders, scalers and other equipment to more than 30 base metal, precious metal, coal and diamond mines in sub-Sahara Africa. It has also sold equipment into Canada, the US and Europe.
AARD has about 200 employees at its Chamdor head office and factory on the West Rand in Gauteng. The company is said to have turned over about US$60 million in the 12 months to June 30 this year.
“AARD has reputable and reliable products that complement our underground product portfolio well,” Epiroc CEO Helena Hedblom said.
“This acquisition will further strengthen our growth ambitions in Africa and beyond.”
South African BEE investment vehicle Matasis Investment Holdings teamed with Nedbank Capital Private Equity to buy AARD from Boart Longyear in 2008. Matasis bought Nedbank out in 2017.
Matasis CFO and AARD CEO Mike Adendorff said management were “excited about the prospect of continuing to grow the business within the Epiroc group”.