Major Drilling announced the acquisition of Bradley Group, a family owned drilling company based in Royn Noranda, Quebec, today. The purchase for the company cost Major Drilling $80 million with an agreement to repay a portion of the Bradley group indebtedness of $15 million.
“The acquisition of Bradley Group is a unique opportunity to further Major Drilling’s corporate strategy of focusing on specialized drilling, expanding our geographic footprint in areas of high growth and of maintaining a balance in our mix of drilling services. The operations of both companies are very complimentary in terms of geography, personnel and strategies,” said Francis McGuire, President & CEO of Major Drilling.
This acquisition furthers Major Drilling’s corporate strategy focus on specialized drilling. It additionally adds 124 rigs and 841 employees to the company, which currently employes 4,362 Canadians and owns 571 rigs. Major Drilling will also now cover more geography in Canada including Northern Quebec and Northern Ontario and internationally in the Philippines, Columbia, and Mexico.
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The Bradley Group specialized in gold properties, making $102 million over the past year leading Major Drilling to expect continued growth, especially in the gold industry.
“We are very excited to welcome Bradley Group into the Major Drilling group, and are pleased to expand our presence in Eastern Canada, an area that has historically performed well, even during the last cyclical downturn,” continued McGuire.