Ramky Environment enters binding agreement to acquire Enviropacific Services
Enviropacific Services has announced that its shareholders have signed a binding share sale agreement for the sale of Enviropacific to Ramky Environment Pty Limited (REPL), a subsidiary of Ramky International Singapore Pty Limited (RISPL). The transaction follows extensive due diligence undertaken by REPL as part of a trade sale process.
Matt Fensom, Executive Director, Business Development and co-founder of Enviropacific, said: “This transaction is a fantastic opportunity for Enviropacific to leverage off a well-capitalised parent company to achieve our significant growth aspirations.
“We are also delighted that the acquisition of Enviropacific by REPL will bring greater career prospects to our loyal and capable workforce of over 130 people Australia-wide.”
“Enviropacific’s strong market position, blue chip client base, significant revenue growth and extensive in-house capability made it an attractive acquisition opportunity,” said Swee O Goh, the CEO of Ramky Enviro Engineers Limited (the parent company of RISPL).
He added, “Enviropacific provides Ramky Environment with a strong Australian platform to drive substantial growth in both Australia and internationally in key regions including Greater China, India, Singapore/ASEAN and the Middle East where strong demand exists for the high-quality and environmentally sound services provided by Enviropacific.”
There will be no change to Enviropacific’s senior management team, with Fensom, fellow Executive Director Cameron McLean and Managing Director David Wood having committed to leading the company through its next growth phase. The company will also work with REPL to undertake a growth strategy that includes targeted acquisitions and entry into new market sectors, including upstream oil and gas and the broader resources sector.
Completion of the transaction is expected to occur by 31 August 2013, following the satisfaction of certain conditions precedent customary to a transaction of this nature. EAC Partners acted as sole financial advisor, McCabes Lawyers as legal advisor and Lawler Partners as accounting advisor to Enviropacific on the acquisition.
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