H.I.G. Capital News
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JW Resources Announces the Formation of Middlesboro Mining and Completes the Acquisition of Thermal Coal Mining Operations from Appolo Fuels
MIAMI – March 24, 2014 – Bayside Capital (“Bayside”) announced today that its portfolio company, JW Resources, Inc. (“JW Resources”), through its newly-formed subsidiary Middlesboro Mining, Inc. (“Middlesboro”), has completed the acquisition of the coal mining operations of Appolo Fuels (“Appolo”), including approximately 33,000 acres containing an estimated 43 million tons of proven and probable high-quality thermal and industrial coal reserves in the Central Appalachian (“CAPP”) coal basin. Middlesboro will primarily serve the industrial coal markets and is pleased to continue Appolo’s long-standing supply relationships with several “blue-chip” customers.
JW Resources is a management and holding company focused on identifying, acquiring and operating coal mining and related assets in the United States, and currently operates the Straight Creek thermal coal operations in eastern Kentucky, which were acquired in February 2013. Through the combined Straight Creek and Middlesboro operations, JW Resources now controls approximately 81,000 acres containing an estimated 85 million tons of proven and probable thermal coal reserves serving the utility and industrial markets.
“We established JW Resources to acquire premier low-cost assets that are positioned to participate in the strong long-term global utility and industrial demand environment,” said Sean Ozbolt, Managing Director at Bayside Capital. “After acquiring the Straight Creek operations we evaluated more than 50 add-on acquisition opportunities, and ultimately identified the Appolo assets as the best fit due to their low-cost operations, complementary industrial customer base and close proximity to Straight Creek. JW Resources is now a world-class CAPP coal operation that is well positioned to benefit from the improving utility market and the highly stable industrial market.”
About Bayside Capital
Bayside Capital is an affiliate of H.I.G. Capital, a leading global private investment firm with more than $15 billion of equity capital under management. With over $4.5 billion of committed capital, Bayside is focused on providing capital solutions to address complex situations within short timeframes. Through improved access to capital or facilitating balance sheet realignments, Bayside can help support future strategies and expansion plans. Bayside has the ability to provide capital through a broad range of securities including asset-based and cash flow senior and subordinated debt, equity, debtor-in-possession facilities, and special situation loans. Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. For more information, please refer to the Bayside Capital website at www.bayside.com.