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Los Angeles, CA – April 2, 2007 – Bison
Capital Equity Partners II, LP announced its investment in
Precision Assessment Technology Corporation, a leading provider
of drilling services to the environmental, geotechnical,
and industrial markets. The company, founded in 1993,
provides drilling services throughout the United States and
Canada. Precision is headquartered in Vancouver, Canada
with regional offices in Northern California, Southern California,
and Florida. The company is publicly traded on the
Toronto Stock Exchange under the symbol PDT.
Bison’s initial investment is $8 million,
and the firm expects to make further investments in Precision
to fund strategic growth opportunities. Concurrent with Bison’s
investment the company acquired BC2 Environmental Corp.,
a leading provider of environmental drilling services in
Southern California.
“We are excited to partner with Precision
Assessment Technology Corporation. We believe the company
has built an impressive organization that is well suited
to participate in the growing demand for drilling services,
particularly in the environmental market. The company
has demonstrated its ability to grow organically and through
acquisitions, with the latter providing increased geographic
presence, enhanced total service offerings, improved company-wide
asset utilization, and greater overall brand equity,” said
Douglas Trussler, a partner at Bison Capital.
“Precision was looking for more than
just capital. Bison was chosen over other investors
because of their desire to be a real partner focused on building
value. They worked hard to understand our industry
and our company and, as a result, they have become an integral
part of our efforts. They have already assisted in
making strategic decisions, sourcing people, identifying
new acquisition targets, and performing due diligence on
acquisitions. My management team and I are delighted
to have Bison on board,” commented Bob Nowack, Chairman
of Precision.
Bison Capital makes growth equity investments
in middle-market companies, public or private, for expansion,
acquisitions or balance sheet restructuring. The firm’s
primary investment focus is partnering with entrepreneurs
and management teams seeking capital to grow their businesses. |
