Boart Longyear samples for the proposed Golden Gate Bridge in San Francisco. In spite of the financial crisis, the 1930s saw improvements in diamond drilling technology, including the use of industrial-quality diamonds mined in Africa that were called “boarts.” In 1936, South Africa’s Anglo American Corporation formed Boart Products South Africa (Pty) Limited, which was later named Boart International. The new company developed the first mechanically-set diamond core bits, which were less expensive than the hand-set core bits that used more expensive Brazilian diamonds (carbonados). Longyear’s business gradually improved in the 1940s in response to expanding worldwide mineral exploration. In 1949, the
Boart Longyear In 2005, Boart Longyear was acquired by the private equity firms Advent International, Bain Capital, and several management investors. The headquarters were then moved to Salt Lake City. Since the sale by Anglo American, management has undertaken a number of ownership changes, restructuring initiatives, and acquisitions, establishing Boart Longyear as a global leader in mining exploration services and products. By October 2006, Advent sold Boart Longyear to the Australian investment firm, Macquarie Bank, and, in April 2007, Macquarie took Boart Longyear public in an A$2.3 billion IPO on the ASX stock exchange. Boart Longyear’s IPO was the second largest IPO