Prince Acquires Grinding & Sizing Company LLC
Purchase Significantly Expands Prince’s Presence in Energy Market
New York, December 14, 2012 – Prince Minerals, Inc. (“Prince”), a portfolio company of private equity funds affiliated with Palladium Equity Partners, LLC (“Palladium”), announced today that it has acquired Texas-based Grinding and Sizing Company, LLC (GSC).
GSC was founded in 1947 in Lufkin, Texas and through its three primary facilities in Lufkin and Houston, specializes in manufacturing specialty additives primarily for the drilling fluids segment of the petroleum industry.
Willson Ropp, Chariman of Prince Minerals, commented, “The acquisition of GSC continues to strengthen Prince Minerals as the leading processor and value-added distributor of specialty minerals, raw materials, and additives globally. The synergy between GSC and Prince Minerals not only opens new market opportunities, but also expands our current position in the energy/petroleum segment.”
Ropp believes that GSC is an excellent fit. “Prince and GSC have similar processing capabilities, so the combined operational capacity and industry knowledge will benefit both companies. Both companies invest heavily in R&D to support sales and this will continue to be a core strategy. Finally, Prince has a significant raw material global sourcing capability and this will prove beneficial to GSC and its customers from both an economic and reliability perspective.”
Under the new ownership, GSC intends to maintain all commercial, administrative, and operational peronnel. “GSC customers will see no changes in service”, said Ropp. “Our goal will be to add products and services through familiar channels.”