No financial terms were disclosed.
Vice-president Nancye Howell and general manager Mike Thompson, both with Pyott-Boone for 15 years, will remain with the company. The buyers credited the pair for the company’s significant growth.
Vierville Capital founder Stuart Champion de Crespigny will hold the seat of chief executive officer.
Current owner The Fetterolf Group, which has had an interest in Pyott-Boone for 34 years, will retain a stake in the company.
The transaction will also change the company’s board of directors, though the new owners said the products developer could now benefit from significant mining expertise and investment resources as it continued to extend its geographic reach and product lines.
The board will comprise C Bryan Daniels and Nathan Good of Prairie Capital, Normandy Mining founder and executive chairman Robert Champion de Crespigny, Cutfield Freeman’s Peter Freeman, Robert Scott, who was CEO of PBS Coals until it was acquired by Severstal in 2008, and Stuart Champion de Crespigny.
“I am elated … and excitedly welcome our new owners,” Howell said.
“The caliber and support of our investors and board, and their relationships in the global mining industry, will provide the impetus to propel Pyott-Boone to a worldwide player.”
In addition to its status as a supplier of communications, tracking and monitoring products to the US coal industry via its distribution partners and direct operator relationships, Pyott-Boone provides subcontract assembly services to the defense industry.
