Palladium Equity Partners has purchased the specialty mineral company, American Gilsonite Company, for an undisclosed sum.
New York-based Palladium acquired AGC with a co-investment from Prospect Capital Management, which also provided $14.5 million (€9.2 million) of debt financing, according to a statement. Palladium declined to comment.
Prospect managing director Montgomery Cook said in the statement the investment in AGC was a “repeat transaction” for the New York-based firm and Palladium. “We expect our sponsor finance business to continue to grow as we see an increasing array of attractive opportunities in the marketplace,” he said.
AGC, based in Palo Alto, California, operates a network of underground unitaite mines in Bonanza, Utah, as part of its operations marketing the natural asphalt product, Gilsonite. It also operates a resin refining plant and a processing plant at the Utah base.