Allegro Funds has acquired West Australian drilling outfit JSW Australia.
Street Talk can reveal the Sydney-based private equity group received approval for the purchase at a creditors’ meeting on Thursday
JSW, a mine production and specialist drilling services business, is a subsidiary of Hughes Drilling, which went into voluntary administration in September.
The company operates a fleet of 18 drill rigs, employs approximately 140 staff, and has long term relationships with tier 1 customers in mining, government and private enterprise.
“Despite being in voluntary administration since September, JSW has continued to win work and has a promising contract pipeline, which shows the underlying strength of the business,” Allegro managing dire…
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