Mitchell Services Limited announced that it has entered into an agreement to acquire 100 % of the equity in Deepcore Holdings Pty Ltd (Deepcore Drilling).
Deepcore Drilling is a privately-owned drilling business that provides services to the mining and infrastructure industries, specializing in highly technical underground mobile drilling, diamond, acoustic and deep directional drilling.
The acquisition is strategically and financially compelling for Mitchell Services, given Deepcore Drilling’s specialist product offerings and its strong exposure to gold in Victoria. The combination of the two businesses will make Mitchell one of the largest and most diversified drilling services providers in Australia. The acquisition will further strengthen Mitchell Services’ market position with regard to diversity of drilling type, commodity and geography whilst maintaining a high proportion of ‘Tier 1’ clients on operating mine sites.
The brand and current operating structure of Deepcore Drilling will remain largely unchanged. Mitchell Services believes that the quality of expertise of the existing management team will continue to provide an invaluable contribution to the ongoing performance of the business.
