Fairmount Minerals Ltd. has sold 51% of its privately held shares to American Securities Capital Partners, a New York-based private equity firm that previously held a share in the company’s stock.
The Ohio-based mining group is one of the world’s largest producers of high-purity silica, lake sand, and resin-coated sand products. Its mines are situated in the Great Lakes region, and its refining operations are located in the U.S., Canada, Mexico, China, and Denmark.
In addition to foundry sand, Fairmount supplies purified sand and coated sand to oil-and-gas exploration firms that pump it into wells to force out gas.
According to a published report, the stock sale has raised $700 million for Fairmount and created a $75 million revolving fund.
Fairmount indicated it will use the new capital to re-balance its employee pension fund.
Fairmount Sells Majority Stake to Private Equity Firm
Foundry sand supplier raises $700 million, will rebalance employee pension fund