Apache Junction’s Gold Canyon Mining and Construction acquired by California firm

A California-based private equity firm has acquired Gold Canyon Mining and Construction, formerly based in Apache Junction, Ariz. Gold Canyon is one of the western United State’s leading construction and mining firms and will not change management.

ClearLight Partners LLC of Newport Beach, Calif. purchased Gold Canyon, providing equity and mezzanine financing for the deal. Further details of the acquisition were not available. Wells Fargo Foothill, a subsidiary of Wells Fargo Bank, N.A, provided senior financing.

Gold Canyon has operations in Arizona, Idaho, Nevada, and New Mexico. The company focuses on mine site development, ore and waste rock extraction from mines, and mine site reclamation. The company, which got its start in 2003 as the Mining Division of American Asphalt and Grading, claims some of the world’s largest gold and copper mining companies.

“We are pleased to have ClearLight as our new partner and look forward to working with them to grow our company and continue to serve our mining customers,” said Kerry Bjornson, CEO of Gold Canyon Mining Services.

Although details of the deal were not announced, Wells Fargo Foothills involvement speaks to the size of the transaction. According to the company, Wells Fargo Foothills provides senior financing for transactions between $10 million and $1 billion.

ClearLight, founded in 2000, manages approximately $600 million in assets in companies with $5 to $25 million in money of earnings before interest, taxes, depreciation and amortization. The company usually makes investments between $10 to $50 million. The company invests in numerous industries, including specialty manufacturing and distribution, business services, education and training, health care services, specialty financial services and consumer products and services.

Ty Young can be reached at ty@aztechnews.net.