Crescent sells Australia's GroundProbe to Orica

Crescent acquired 100% of the company in 2010 for an undisclosed sum. It is unclear if the GP will retain a minority stake as part of the exit. The transaction is expected to be finalized in the first quarter of calendar 2018.

Founded in 2001, GroundProbe claims to be a market leader in monitoring and measuring technologies that allow resource sector operators to better understand the geological setting of mine sites. The company uses radar and laser-based systems, along with advanced processing and analytics software to improve mine productivity and safety. Orica has described the business a profitable.

“We believe the potential for data-driven improvement in the drill and blast component of the mining value chain is significant,” Orica CEO Alberto Calderon said in a statement. “By integrating GroundProbe’s capabilities alongside [existing Orica products] BlastIQ and Nitro Consult, we are able to expand the digital solutions we can offer to help customers improve safety, productivity and environmental outcomes.”

Australia’s mining services space attracted increased investor interest over the course of 2017 due largely to a rebound in commodity prices. Private equity opportunity in this environment has been connected to factors including inaccurate company valuations across the industry's cyclic swings, and a gap in local capital availability related to risk wariness among traditional financiers.

Crescent backs Australia and New Zealand-based companies with enterprise values of A$50-300 million across a range of services-related and industrial sectors. It is currently investing its fifth fund, which closed in late 2014 at A$675 million after only 10 weeks in the market. 

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• Topics
• Australasia
• Industrials
• Technology
• Trade sale
• Australia
• Crescent Capital Partners
• resources
• M&A
• Exit
• Commodities