Mining technology firm GroundProbe has been bought by private equity firm Crescent Capital Partners.

GroundProbe's slope stability radar is used in the mining industry to predict wall collapses by precisely monitoring ground movement.

GroundProbe chief executive Lyle Bruce said the move will give the firm access to more capital, enabling it to expand.
 
"The completion of this acquisition represents a significant step in our strategy to accelerate growth in our core business," he said.

GroundProbe was formed in 2001 as a spin-off from the University of Queensland. The firm then acquired Geoforce, giving it the ability to provide geophysical mapping services used in the design and management of mines.

The company plans to expand into Central Asia and Brazil, Russia, India and China.

Bruce insisted it would be business as usual for the firm, despite the change of ownership.
 
“There is no change to GroundProbe’s identity, staff, operations or plans,” he said.
 
Crescent Capital Partners is an Australian private equity investment firm that invests in companies with enterprise values of up to $250m, across a broad range of industries.

A significant proportion of the investment company’s shares were bought from Codan, which made $4.21m from the sale.