Ironbridge Capital, a leading independent Australian private equity manager, today announced the acquisition of three specialist drilling businesses valued at $200 million that operate in the high growth mining and infrastructure services sectors.

The businesses, Gorey & Cole, Sides and Nudrill, specialise in large diameter drilling including de-watering and backfill for the mining sector and offshore / nearshore drilling for the oil and gas and infrastructure sectors.

Ironbridge was attracted to the opportunity due to the experience and quality of the owner-operators, their quality customer base and the substantial growth profile of the mines and commodities they service.

Ironbridge Capital Director Josh McKean said: "The Australian mining services industry is undergoing significant growth driven by Australia's competitive advantage in most commodities."

"We have adopted a buy and build strategy with an initial investment in three high quality, specialised and complementary businesses in order to create a large scale mining services operation."

Importantly for the founders, customers and staff of the three businesses this transaction puts each business on a stronger footing with access to greater capital to support their growth objectives. The partnership with Ironbridge will also provide the resources and management expertise to adopt best practice strategies in asset utilization, OH&S and training and development for employees.

"We have been in discussions regarding a merger for some time in order to expand our business and deliver on our customer's needs," said Viv Oldfield, Managing Director of Gorey & Cole.

"The addition of Ironbridge provides the capital and expertise to take our business to the next level."

The financing which includes a large acquisition and capital expenditure facility has been funded by Ironbridge together with a group of banks including Bank of Scotland, St George, Westpac and WestLB.

This is the 4th investment in Ironbridge Fund II, following the NZ$742 million acquisition of MediaWorks in October 2007. Ironbridge manages approximately $1.5 billion on behalf of a number of Australian and international institutional investors, investing in businesses with market leading positions and strong growth prospects.

Contacts
Josh McKean Ironbridge Capital +61 2 9250 8700	Justin Kirkwood Kirkwoods Corporate Relations +61 2 9231 5600

About Ironbridge
Established in 2003, Ironbridge Capital is an independent Australian private equity manager owned by its Partners. The Partners have been active in the Australian private equity market for the last nine years and have played a leading role in a significant proportion of the larger private equity investments in Australasia over that period.

Ironbridge has over $1.5 billion of committed capital under management and is focused on mid-market management buyout and expansion capital transactions in the $250-$750 million range. Ironbridge has a dynamic and experienced team of 20 people based in Australia and New Zealand.

About Gorey & Cole
Gorey & Cole is based in Alice Springs, NT, and provides de-watering, backfill and other drilling services in the Northern Territory and South Australia. Gorey & Cole was advised by Collier & Deane.

About Nudrill
Nudrill is based in Perth, WA, and provides de-watering and water de-pressurisation drilling services in Western Australia. Nudrill was advised by Green Legal.

About Sides
Sides is base in Clayton, Victoria, and provides a range of specialist drilling services with a focus on offshore / nearshore geotechnical drilling for the oil & gas and infrastructure sectors. Sides was advised by Miles corporate advisory, Middletons (Melbourne) and the Accountancy Group.