Blaschak Anthracite purchased by management-led investor group
KAYLEE LINDENMUTH / SHENANDOAH SENTINEL FILE - The Blaschak Coal Co. breaker in Mahanoy Township.
SAINT NICHOLAS – A Mahanoy area coal company is under new ownership.
Saint Nicholas Investor Group, LLC, purchased Blaschak Anthracite from Milestone Partners in a management-led buyout which was completed on July 19
The group is led by Blaschak management and outside board members, as well as other friends and family investors.
“We deeply appreciate Milestone’s fifteen-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.
“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.”
Saint Nicholas Investor Group, which is incorporated in Delaware, plans to continue investing in the business and seek opportunities for growth.
Milestone had owned a controlling stake in Blaschak since 2009.
“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.
Blaschak Anthracite’s origins date back to the 1930s, when Walter, Anthony, and John Blaschak formed the Blaschak Brothers Coal Co. first as a coal trucking business before opening a mine in 1942 and a preparation plant in 1955.
Terms of the sale were not disclosed.
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