SYDNEY, AUSTRALIA: SRG Global Limited (ASX: SRG) has signed a Sale Implementation Deed to acquire WBHO Infrastructure Pty Ltd, WBHO Infrastructure’s Western Australian business, for a net consideration of $15.2 million.
WBHO Infrastructure is a quantity one supplier of infrastructure asset management, civil upkeep and construction services in Western Australia, with a 35-year track record of operations.
WBHO Infrastructure (which operates the WBHO Infrastructure WA business) is a subsidiary of WBHO Australia.
Salvatore Algeri, Jason Tracy, Matthew Donnelly and David Orr (each of Deloitte) were appointed as joint and a quantity of directors (Administrators) of every member of the Group on 23 February 2022.
WBHO Infrastructure in WA has a variety of long-term, blue-chip clients, and currently services a various vary of sectors collectively with transport, resources, water, agriculture, waste, renewables and aviation, through a mixture of recurring/ongoing upkeep and project contracts.
SRG Global and WBHO Infrastructure have a lengthy and profitable historical past of working collectively on a quantity of three way partnership projects; most recently, the award-winning Ocean Reef/Wanneroo Road Interchange.
The acquisition will be complementary to SRG Global’s existing operations, increasing its asset management, civil upkeep and construction capabilities, in addition to ensuring the ongoing employment for WBHO Infrastructure’s Western Australian workforce.
SRG Global Managing Director, David Macgeorge, said: “We look ahead to welcoming the WBHO Infrastructure WA team to SRG Global. This acquisition will guarantee minimal disruption to WBHO Infrastructure’s WA enterprise and its clients, whereas serving to solve one of many biggest constraints to growth within the present financial environment.
“Access to high quality people is a recurring problem for our sector. Acquiring WBHO Infrastructure will give SRG Global a aggressive benefit by enhancing our capability to ship broader services to clients, through the addition of 275 extremely expert engineering and operational personnel.
“Importantly, our sale settlement underpins the ongoing employment of WBHO Infrastructure’s Western Australian workforce in any respect levels, offering certainty in an in any other case unsure time.
“The acquisition will be funded through existing money and equipment finance facilities and is firmly aligned with the Growth and Leadership phase of our strategy. We believe it will be EPS accretive from day one, making it fundamentally low risk in its profile, delivering worth for SRG Global shareholders,” Mr Macgeorge concluded.
SRG Global is an engineering-led global specialist asset maintenance, mining services and construction group working throughout the entire asset lifecycle of engineer, assemble and sustain. The Company operates three segments of Asset Services, Mining Services and Construction.
www.srgglobal.com.au