Gary Rogliano likes initials.
He has a particular affinity for the letters R, N and I.
His previous company, INR Energy, sold its West Virginia coal mining assets in July in a $750 million deal.
So when the time came to choose a name for his latest venture – yet another coal mining operation – Rogliano didn’t stray too far from his penchant for acronyms.
Thus was born Natural Resources International, better known as – you guessed it – NRI.
“I like those three initials.” said Rogliano. “It’s easier for emails. And I didn’t want it to call INR 2.”
NRI, which will operate out of INR’s office Richmond office off Forest Avenue, is backed by a huge round of private equity funding from Barclays Natural Resource Investments. NRI’s goal is to go find coal mining development sites primarily in Australia and Canada and possibly in South America and Africa.
“We’re looking at deals up to $1 billion,” Rogliano said. “We have a wide range of capital behind us.”
Rogliano said he and his management team wasted no time starting a new venture mostly because investors were ready for another move.
“Barclays came in with a knockout offer,” Rogliano said.
Barclay’s was one of INR’s two investors. Read more here about INR’s deal from the summer when it sold its assets to Cliffs Natural Resources. (You can read more about that in an RBS story here.)
The new venture will pursue a path similar to its INR predecessor, looking either to sell to a larger entity or to trade on the Australian Securities Exchange. The difference this time is that it will focus its efforts on locating potential mining sites strictly outside the United States. The company doesn’t buy mines. It buys sites that are ripe for coal mine development.
“We look for properties in the development stage,” Rogliano said.
Rogliano, who just returned from a two-week trip to Australia, said NRI has half a dozen negotiations in the works.
Although some will likely fall through and won’t close before the end of the year, Rogliano said the company is off to a strong start.
“We’re pleased with the deal flow,” he said.
The phones at NRI’s office are still answered as INR. It’s not to confuse anybody; rather INR’s final affairs are still being wound down.
And although he ended up falling back on his three favored letters, Rogliano said he let the company’s 20 or so employees hold a contest for the new name.
Some had actual names instead of just letters, he said, but why change a good thing?
Gary Rogliano likes initials.
He has a particular affinity for the letters R, N and I.
His previous company, INR Energy, sold its West Virginia coal mining assets in July in a $750 million deal.
So when the time came to choose a name for his latest venture – yet another coal mining operation – Rogliano didn’t stray too far from his penchant for acronyms.
Thus was born Natural Resources International, better known as – you guessed it – NRI.
“I like those three initials.” said Rogliano. “It’s easier for emails. And I didn’t want it to call INR 2.”
NRI, which will operate out of INR’s office Richmond office off Forest Avenue, is backed by a huge round of private equity funding from Barclays Natural Resource Investments. NRI’s goal is to go find coal mining development sites primarily in Australia and Canada and possibly in South America and Africa.
“We’re looking at deals up to $1 billion,” Rogliano said. “We have a wide range of capital behind us.”
Rogliano said he and his management team wasted no time starting a new venture mostly because investors were ready for another move.
“Barclays came in with a knockout offer,” Rogliano said.
Barclay’s was one of INR’s two investors. Read more here about INR’s deal from the summer when it sold its assets to Cliffs Natural Resources. (You can read more about that in an RBS story here.)
The new venture will pursue a path similar to its INR predecessor, looking either to sell to a larger entity or to trade on the Australian Securities Exchange. The difference this time is that it will focus its efforts on locating potential mining sites strictly outside the United States. The company doesn’t buy mines. It buys sites that are ripe for coal mine development.
“We look for properties in the development stage,” Rogliano said.
Rogliano, who just returned from a two-week trip to Australia, said NRI has half a dozen negotiations in the works.
Although some will likely fall through and won’t close before the end of the year, Rogliano said the company is off to a strong start.
“We’re pleased with the deal flow,” he said.
The phones at NRI’s office are still answered as INR. It’s not to confuse anybody; rather INR’s final affairs are still being wound down.
And although he ended up falling back on his three favored letters, Rogliano said he let the company’s 20 or so employees hold a contest for the new name.
Some had actual names instead of just letters, he said, but why change a good thing?