Swedish mining equipment manufacturer Epiroc has announced its fifth material mining technology acquisition this year – the fourth involving an Australian company – with its deal to buy CR from New York-based private equity group, American Industrial Partners.
It’s the fourth time CR, formerly CQMS Razer, has changed hands in the past decade.
Quadrant Private Equity sold the business to American Industrial in 2018 for a price reportedly exceeding A$150 million.
Epiroc said CR’s turnover had grown to circa-A$240 million (US$160 million) in the year ended September 30, 2022. It had about 400 employees.
The acquisition, due to close in the first half of next year, adds to Epiroc’s recent M&A haul including RCT Global, Radlink, Geoscan and Mernok Elektronik.
It described CR as a supplier of ground engaging tools (GET) and related digital products.
“With this acquisition Epiroc is expanding its first-rate offering of essential consumables and digital solutions,” it said.
