The surface mining equipment industry in the US focuses on extracting resources like coal, minerals, and metals from the earth. Companies in this sector design and manufacture machinery such as excavators, loaders, and haul trucks, ensuring that operations are safe and efficient. The market is evolving with a focus on automation, sustainability, and advanced technologies, spurred by the need for increased productivity and environmental responsibility. Major players serve various geographic regions, adapting to the demands of complex supply chains. Insights show a growing trend towards innovative equipment that balances performance with ecological impacts, making sustainability a key objective.


This list features various investors in the surface mining equipment sector, including corporate, private equity, and venture capital firms. Headquartered primarily in major US cities like New York, Pittsburgh, and Denver, these investors range from large corporate giants to agile startups. With firm sizes between 1 and over 10,000 employees, they were founded from 1991 to 2015. In 2024, these thirty different investors initiated multiple transactions, with Apollo Global Management and Blackstone among those taking significant stakes for future growth.


Top 14 Surface Mining Equipment Investors in the US


1. Orion Resource Partners (USA) LP


Orion Resource Partners (USA) LP is a private equity investment firm based in New York, specializing in the metals and materials sector. Founded in 2004, the firm provides a range of investment solutions, including resource royalties and mine finance, primarily targeting institutional investors. Orion Resource Partners aims to address challenges in the metals sector and promote sustainable economic growth through tailored financial strategies. Their recent transactions include significant investments in Nordic Mining, where they participated in both post-IPO equity and debt rounds, raising a total of $55 million. Additionally, they have invested in VerAI Discoveries, supporting their expansion and product development through Series A and B funding rounds. These activities demonstrate Orion's active engagement in the mining industry, reinforcing their relevance to surface mining equipment investments.


2. Wabtec Corporation

  • Website: wabteccorp.com
  • Type: Corporate
  • Headquarters: Pittsburgh, Pennsylvania, United States (USA)
  • Founded year: 1869
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: wabtec-corporation

Wabtec Corporation, founded in 1869 and based in Pittsburgh, Pennsylvania, is a leading transportation equipment manufacturer that serves multiple industries, including rail, transit, mining, and marine. The company is dedicated to enhancing safety, efficiency, and productivity through innovative solutions and advanced technologies. Wabtec has made several strategic acquisitions to bolster its product offerings, including the acquisition of Nordco, a rail equipment manufacturer, which enhances their capabilities in transportation. Although their acquisitions primarily focus on rail and transit, their involvement in the mining sector is significant. Wabtec's commitment to the mining industry is evident through their product development and services aimed at improving operational efficiency. Their diverse portfolio positions them as a relevant player in the surface mining equipment market, even if they do not exclusively focus on this sector.


3. Hexagon Asset Lifecycle Intelligence


Hexagon Asset Lifecycle Intelligence, a corporate investor based in Madison, Alabama, is a subsidiary of Hexagon AB, a technology company founded in 1992. Hexagon specializes in industrial technology and software solutions, offering precision sensors and geospatial tools to various sectors, including mining. In 2023, Hexagon acquired HLS Hard-Line Solutions Inc., a supplier of remote control technology for mining, aiming to enhance safety through autonomous processes. In 2024, Hexagon further expanded its mining technology portfolio by acquiring Indurad, a company likely focused on innovative solutions for the mining industry. These strategic acquisitions highlight Hexagon's commitment to improving operational efficiency and safety in surface mining, aligning with its mission to transform data into actionable insights.


4. Liquid 2 Ventures

  • Website: liquid2.vc
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 91
  • LinkedIn: liquid-2-ventures

Liquid 2 Ventures is a venture capital firm based in San Francisco, California, founded in 2015. The firm specializes in investing in technology startups at the pre-seed and seed stages, as well as growth-stage companies. They provide capital, mentorship, and access to a vast network of industry insiders to help founders navigate their entrepreneurial journeys. Notably, Liquid 2 Ventures has participated in several transactions relevant to the mining sector, including a significant investment in AstroForge, a startup focused on asteroid mining, which raised $13 million in seed funding. This investment indicates their interest in innovative mining technologies, which could have implications for the surface mining equipment industry. Additionally, their involvement in Impossible Mining and Impossible Metals highlights their engagement with companies that are exploring new methods of resource extraction, further emphasizing their relevance to the mining sector.


5. Resource Capital Funds


Resource Capital Funds is a private equity firm based in Denver, Colorado, founded in 1998. The firm specializes in mining investments, partnering with investors and mining companies to mobilize capital for various mining projects. They focus on sustainable practices and innovative technologies, catering to both investors seeking returns and mining firms needing funding for development and operations. Notable transactions include investments in Noront Resources, where they participated in raising significant capital through post-IPO equity and debt, and Champion Iron, which also raised substantial funds through post-IPO equity. These transactions highlight their active role in financing mining operations, which often require surface mining equipment, thereby reinforcing their relevance in this sector.


6. American Industrial Partners


American Industrial Partners is a private equity firm based in New York, specializing in operationally-oriented investments in industrial businesses. Founded in 2005, the firm focuses on enhancing the performance of its portfolio companies through strategic financial support and operational improvements. In 2024, they made a significant move by acquiring Boart Longyear, a key player in the surface mining equipment sector, which underscores their commitment to investing in companies that provide essential services and equipment for the mining industry. Additionally, their acquisition of SERVA, which involves advanced technology in fracking equipment, showcases their interest in industrial applications that may overlap with mining operations. Overall, American Industrial Partners is positioned as a strategic investor in the industrial landscape, with a growing footprint in the surface mining equipment market.


7. Caterpillar Inc.

  • Website: caterpillar.com
  • Type: Corporate
  • Headquarters: Irving, Texas, United States (USA)
  • Founded year: 1925
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: caterpillar-inc

Caterpillar Inc. is a prominent corporate investor based in Irving, Texas, founded in 1925. As a leading manufacturer of construction and mining equipment, Caterpillar provides a diverse range of products, including articulated trucks, excavators, and engines, specifically designed to serve the construction and mining industries. The company is dedicated to innovation and sustainability, ensuring that its machinery meets the evolving needs of its customers. Notably, Caterpillar has participated in several key transactions relevant to the surface mining equipment sector, including investments in MineSense Technologies, which focuses on advanced sensing technology for mining operations. Caterpillar's involvement in MineSense's funding rounds (Series B, C, and D) demonstrates their commitment to enhancing mining efficiency through technology. Additionally, their acquisition of Shandong SEM Machinery Co., a leading wheel loader manufacturer, further emphasizes their strategic focus on expanding their capabilities in the mining equipment market.


8. Wynnchurch Capital, L.P.

  • Website: wynnchurch.com
  • Type: Private Equity
  • Headquarters: Rosemont, Illinois, United States (USA)
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: wynnchurch-capital

Wynnchurch Capital, L.P. is a private equity firm based in Rosemont, Illinois, founded in 1999. The firm specializes in investments in middle-market companies across various industries, providing capital, management expertise, and strategic guidance to help businesses navigate challenges and achieve growth. Their focus includes sectors such as aerospace, manufacturing, and consumer goods. Notably, Wynnchurch has made significant investments in companies relevant to the surface mining equipment context, including the acquisition of Hydraulic Technologies, a market leader in high-pressure hydraulic tools and equipment, which serves various industries including infrastructure and manufacturing. Additionally, their acquisition of Owen Equipment Company further emphasizes their engagement with companies that may supply equipment relevant to the mining sector. These transactions highlight Wynnchurch's capability and interest in sectors that intersect with surface mining operations.


9. Apollo Global Management, Inc.

  • Website: apollo.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 46
  • LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm based in New York, specializing in alternative assets and retirement solutions. Founded in 1990, the firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Notably, Apollo has been active in the mining sector, exemplified by their recent acquisition of U.S. Silica Holdings, Inc. for approximately $1.85 billion, which is expected to close in 2024. U.S. Silica is a significant player in the production of silica sand, a critical component in surface mining operations. Additionally, Apollo's acquisition of Phoenix Services LLC, a provider of outsourced slag handling and metal reclamation services, further demonstrates their engagement in industries related to mining and materials processing. These transactions highlight Apollo's strategic interest in sectors that support surface mining activities.


10. One Equity Partners

  • Website: oneequity.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2001
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: one-equity-partners

One Equity Partners is a private equity firm based in New York, founded in 2001, that specializes in investing in middle market businesses across various sectors, including industrial, healthcare, and technology. The firm aims to build market-leading companies through transformative business combinations and strategic partnerships, providing capital and management expertise to enhance growth. Notably, One Equity Partners has made significant investments in the industrial sector, including the acquisition of Fortaco Group, a strategic partner in the heavy off-highway equipment industry, which is closely related to surface mining equipment. Additionally, their investment in CBM, an Italian manufacturer of tractor attachment equipment, further highlights their engagement in sectors that intersect with surface mining operations. These transactions demonstrate One Equity Partners' capability and interest in the surface mining equipment market.


11. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a prominent investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a reputation for acquiring and managing a diverse portfolio of companies. Notably, Blackstone's acquisition of Ulterra Drilling Technologies for $700 million highlights its commitment to the surface mining equipment industry, as Ulterra manufactures critical drill parts and downhole tools, contributing to drilling operations in mining. Additionally, their investment in Energy Alloys demonstrates their strategy to support growth in sectors that may intersect with mining operations. With a robust investment strategy and a focus on building strong businesses, Blackstone continues to deliver lasting value to its investors.


12. Franklin Electric


Franklin Electric Co., Inc. is a manufacturer and distributor specializing in water and energy management systems, providing a range of products including pumps, motors, and controls for various applications across residential, commercial, agricultural, and industrial sectors. Founded in 1958 and based in Fort Wayne, Indiana, Franklin Electric operates globally with a commitment to quality and innovation. Notably, in 2025, Franklin Electric acquired PumpEng Pty Ltd., an Australian manufacturer of submersible pumps for the mining sector, for approximately $12.5 million AUD. This acquisition aims to enhance their operations in the mining industry, demonstrating their strategic focus on this sector. Additionally, their previous acquisitions, such as Pioneer Pump, Inc. and Cerus Industrial, further bolster their capabilities in providing essential equipment and solutions that can be utilized in mining operations, particularly in water management and pumping solutions.


13. Dcvc

  • Website: dcvc.com
  • Type: Venture Capital
  • Headquarters: Palo Alto, California, United States (USA)
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: data-collective

DCVC is a venture capital firm based in Palo Alto, California, founded in 2011. The firm specializes in deep tech and life sciences, investing in innovative startups that address significant global challenges, particularly in climate and healthcare. DCVC has a strong focus on building long-term relationships with entrepreneurs, leveraging their extensive experience in technology and investment to support groundbreaking solutions. Notably, DCVC has invested in Plotlogic, an Australian mining tech company that raised $28 million in a Series B funding round, aimed at expanding its platform and commercialization efforts in the mining sector. Additionally, they participated in the funding of Petra, a hard rock drilling robotics startup, which raised $30 million in Series A funding. These transactions highlight DCVC's engagement in the surface mining equipment industry, showcasing their interest in advancing mining technologies.


14. Advent


Advent International Corporation is a private equity firm founded in 1984, headquartered in Boston, Massachusetts. The firm specializes in buyouts and investments across various sectors, providing capital and strategic guidance to help companies achieve growth and navigate market challenges. Advent operates globally, focusing on long-term value creation for its portfolio companies. Notably, Advent has been involved in significant transactions in the mining sector, including the acquisition of Boart Longyear from Anglo American for $545 million in 2005, which is a key player in drilling services and equipment for the mining industry. This acquisition highlights Advent's commitment to investing in companies that operate within the surface mining equipment space. Additionally, their acquisition of RGL Reservoir Management further demonstrates their diverse investment strategy, although it is less directly related to surface mining. Overall, Advent's history of relevant transactions positions them as a significant player in the surface mining equipment investment landscape.



Surface Mining Equipment Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
Orion Resource Partners (USA) LPNew York, New York, United States (USA)51-20020043
Wabtec CorporationPittsburgh, Pennsylvania, United States (USA)10001+18693
Hexagon Asset Lifecycle IntelligenceMadison, Alabama, United States (USA)10001+19929
Liquid 2 VenturesSan Francisco, California, United States (USA)1-10201591
Resource Capital FundsDenver, Colorado, United States (USA)51-20019982
American Industrial PartnersNew York, New York, United States (USA)51-20020058
Caterpillar Inc.Irving, Texas, United States (USA)10001+19251
Wynnchurch Capital, L.P.Rosemont, Illinois, United States (USA)11-5019996
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046
One Equity PartnersNew York, New York, United States (USA)11-50200111
BlackstoneNew York, New York, United States (USA)1001-5000198557
Franklin ElectricFort Wayne, Indiana, United States (USA)5001-1000019580
DcvcPalo Alto, California, United States (USA)11-50201128
AdventBoston, Massachusetts, United States (USA)501-1000198417


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