“Firefly supplies, services and hires a range of drilling, boring and other equipment plus markets consumables to the underground mining industry,” PPK said after signing the heads of agreement.
PPK executive chairman Robin Levison said the acquisition continues PPK’s ongoing commitment to offer quality fit-for-purpose products and services to the underground high-gas coal mining industry.
“Firefly nicely compliments PPK’s current suite of products and services,” he said.
“In addition, Firefly has a quality customer base, particularly in the Hunter region. I am delighted to welcome the Firefly team to PPK.”
The deal, which PPK aims to fund from cash reserves, is still subject to due diligence.
Former Industrea chief Levison became PPK’s executive chairman in October 2013 and has a 19.9% stake in the company.
At that time, Levison said the current stage of the commodities market cycle provided an opportunistic window to acquire profitable privately owned Australia-based mining services businesses with proven growth prospects.
