Saint Nicholas Investor Group LLC recently completed its purchase of Blaschak Anthracite of Mahanoy City, Pa., led by majority shareholder Milestone Partners. Terms of the management-led buyout of Blaschak were not disclosed.
“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, a miner, preparer, and marketer of anthracite coal.
Saint Nicholas Investor Group is led by Blaschak management and outside board members and includes other friends and family investors, including some who were previously invested in Blaschak through Milestone Partners.
“This is the perfect initial investment for us,” said Greg Driscoll at Saint Nicholas Investor Group. “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.”
Blaschak, a national leader for anthracite coal production, is “a prime and growing source” of needed carbon to the electric arc furnace sector of the steel industry, Driscoll added.
“We look forward to this new partnership,” he said, noting that the new owners plan to continue investing in the business and since the sale was completed July 19 are seeking opportunities for growth.
Blaschak will operate with no change to the current management team under this new ownership structure, and there will be no disruption to coal service.
“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 managing partner at Milestone, which acquired a controlling interest in Blaschak 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.