Close Brothers Private Equity ("CBPE") announced today that it has completed the £32m acquisition of Fosroc Mining from Burmah Castrol, a subsidiary of BP. As of April 2003 Fosroc Mining will be renamed Minova.

Fosroc Mining is recognised as the world leader in the supply of speciality chemicals to the global mining industry, with products including resin capsules, injection grouts, sealants and other consumables together with technical advice and support services to enhance efficiency and safety. The company has 12 manufacturing sites in seven countries, with key facilities in the US, Germany, Poland, Australia and South Africa. Fosroc Mining employs around 1,000 staff worldwide and 2002 turnover was £84 million.

Separately, it has been announced that Mike Dearden has been appointed Chairman of Fosroc Mining from 1 May 2003. Dearden was previously Chief Executive of Castrol International, the global lubricants business, and earlier Burmah Castrol’s chemical businesses which included Fosroc Mining. He is a non-executive director of Johnson Matthey plc, Travis Perkins plc and Weir Group plc.



CBPE Partner Sean Dinnen, who led the deal and will join the Fosroc Mining board as a non-executive director, said: "CBPE is acquiring a well managed business with a leading global market position, strong cashflows and good prospects for growth. As a deal it highlights CBPE's appetite for resolving the issues surrounding a transaction of this complexity.”

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Enquiries:

Close Brothers Private Equity:
Sean Dinnen: 020 7426 4000