Headquartered in South Africa, Boart Longyear is a provider of drilling services, tools and equipment for the natural resources, construction and quarrying industries, and industrial markets worldwide.
Advent sees further growth opportunities for the company, which operates in 38 countries, including emerging markets where there is growing demand for minerals.
"Companies like Boart which have historically operated as smaller divisions of larger parents are exciting to work with and offer significantly untapped potential," said Advent director Humphrey Battcock.
"In parallel with a program of operating improvements, we will be employing a three-track growth strategy that will focus on consolidating Boart's leadership through a series of strategic acquisitions, increasing market penetration in under-represented territories, and diversification into non-mining drilling services where there are strong synergies with the company's core areas of expertise."
In 2004, Boart Longyear reported earnings before interest and tax (EBIT) of $US67 million. It was established in 1936 to turn Anglo American's stockpile of boart (low-grade natural diamonds) into productive, commercial drilling products.