Blaschak Anthracite, a leading Pennsylvania anthracite operator, 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 15-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 were not disclosed.
