At the same time, Mastermyne’s founders Andrew Watts and Darren Hamblin welcomed key management team members, Gary Banks, Rob Nowell, Tony Caruso and Tony Zahra, as new equity partners in the business.

Mastermyne, founded by Watts and Hamblin in 1996, now employs over 150 staff and provides a range of services including development drivage, longwall relocations, and conveyor installations to a range of clients in Queensland’s Bowen Basin. Last year the Mackay-based company spread its wings to New South Wales with the start of operations at BHP’s Douglas mine in the Illawarra.

Throughout this period of strong growth, and undertaking challenging projects such as the Moranbah longwall retrieval, the company has maintained a reputation as a highly reputable contractor.

“Our partnership with CHAMP Ventures will provide us with a solid financial platform to better service our clients’ current and future needs. Importantly, they will provide strategic and financial expertise as our business continues to grow,” Mastermyne managing director Andrew Watts said.

Co-founder Darren Hamblin praised the contribution of the management buy-in team saying the transaction was a recognition of their contribution to past success.

“By buying into Mastermyne, the guys are demonstrating a clear, long-term commitment to the industry and Mastermyne.”

“CHAMP Ventures is very pleased to be joining Darren and Andrew at a very exciting time in Mastermyne’s development. We are committed to this industry and Mastermyne in particular, and look forward to growing the business together,” Andrew Savage, a director of CHAMP Ventures said.

CHAMP, a member of the Castle Harlan Australian Mezzanine Partners group, has over $A1.8 billion in funds under management.