It happened in the previous mining boom. Just look at Boart Longyear, Emeco and Dyno Nobel.

As has been seen with those companies it is not always the best of rides either.

Well, perhaps this is a sign that the mining sector is making a comeback because European private equity firm IK Investment Partners is selling Schenck Process to private equity funds managed by Blackstone.

Headquartered in Darmstadt, Germany, Schenck develops and manufactures a range of processing equipment.

It has more than 2300 employees worldwide, including in Australia.

Blackstone head of European private equity Lionel Assant said Blackstone was keen to team up with Schenck management and “accompany Schenck into the next stage of its development”.

“Schenck is an innovative and unrivalled leader and we see considerable opportunity to grow the business both organically and by acquisitions in its various end markets,” he said.

IK Investment Partners partner and IK 2007 Fund advisor Detlef Dinsel said During IK 2007 Fund’s ownership Schenck had changed its business focus from a mechanical manufacturer to a service and integrated solutions provider.

He said it had achieved significant growth by expanding its product portfolio and entering new markets both organically and through selected add-on acquisitions.