Posts Tagged ‘New acquisition’

    • ASX Company News: WHL Energy Acquires Seyco

    Wednesday, October 27th, 2010

    The Board of WHL Energy Limited (WHN) announced it had signed a Share Sale Agreement with the shareholders of SEYCO Energy Pty Ltd (‘SEYCO’) to acquire 100 percent of the shares in SEYCO, an entity that is in the process of acquiring the rights to a large exploration holding on the southern continental shelf off-shore Seychelles.

    The holding includes 35 exploration blocks in a prospective area in shallow waters covering an area of approximately 20,700km (>5 million acres) located about 100 km off the Seychelles coastline.  Newly appointed WHL Chief Executive Officer David Rowbottam said “Following a strategic review, the Company identified this asset as a significant opportunity to drive its future growth.”  “Acquiring SEYCO, and its associated Seychelles exploration interests, will provide a new strategic focus for WHL Energy,” Mr Rowbottam said.

    On completion of the transaction, WHL Energy plans to move quickly to further assess the hydrocarbon prospectivity of the Seychelles blocks. Leading international geophysical company Fugro is programmed to begin acquisition of 7000 km of 2D seismic over SEYCO’s blocks in November 2010. The contracted seismic vessel has been mobilised and is currently enroute to the Seychelles. The total estimated cost of this program is US$7 million. The planned survey will focus on 20 mapped structures identified from 2D seismic previously acquired over the nominated blocks.

    www.whlenergy.com

    http://www.traderdealer.com.au/Fundamentals/whn

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    ASX Company News: ASG Group Acquires Progress Pacific

    Friday, October 22nd, 2010

    IT services provider ASG Group (ASZ) is pleased to announce it has acquired Progress Pacific, further expanding its capabilities and footprint in the SAP space.

    Progress Pacific is a Sydney and Melbourne based SAP Services provider that has strong client relationships across a range of industries. A highly successful SAP consulting company with 40 plus employees in Sydney and Melbourne, Progress Pacific’s blue chip client base includes Broadcast Australia, Device Technologies, Fresenius Medical Care, George Weston Foods, IAG, ING, Kimberly-Clark, Pepsico and Smiths.

    The total purchase price is based on a multiple of five times average earnings before interest and tax (EBIT) for the 2011 and 2012 financial years, capped at $12 million. Consideration, in the form of 50% cash and 50% scrip, is payable across two instalments – 25% up front and the outstanding 75% to be paid in September 2012.  The first scrip component will be issued at $1.25 and the second component will be calculated on a 20 day Volume Weighted Average Price period prior to payment date. The cash component will be funded by a combination of existing cash reserves and debt.

    ASG General Manager Sales and Delivery, Murray Rosa, said the acquisition sees ASG expanding its SAP presence in key growth markets on the east coast where there is an opportunity to leverage its existing deep customer relationships and IT infrastructure. “Progress Pacific, together with the recently acquired Courtland Business Solutions in WA, sets the spring board for ASG to grow its SAP business throughout Australia,” said Mr Rosa. “These acquisitions, combined with our core capabilities, enable ASG to reach the market with various SAP offerings, including being one of the first accredited SAP Partners for SAP SaaS. “We have already witnessed the benefits of working with our other recent SAP acquisition, Courtland, to capture market opportunities and we anticipate the same success with Progress Pacific.”

    www.asggroup.com.au

    http://www.traderdealer.com.au/Fundamentals/asz

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    ASX Company News: Flight Centre Acquires Gapyear.com

    Tuesday, October 19th, 2010

    FLIGHT Centre Limited (FLT) has expanded its presence in a niche travel sector by acquiring a social networking business that focuses on the growing “gap year” market. The company has acquired gapyear.com, a UK-based website dedicated to providing information, products and a ready-made social network to travellers preparing for or undertaking an extended international break. The site has operated since 1998 and has developed a strong brand presence within its core market. During the past year, gapyear.com has attracted 2.2 million unique visits. The business generates marketing and advertising income from travel and other companies and is the top ranked website in its category in Google.

    FLT marketing manager Colin Bowman said gapyear.com provided valuable information for travelers and linked to a range of products and services that directly related to gap year travel, such as accommodation, flights, transport, travel insurance and travel money. He said this was supplemented by related products and services, including footwear, clothing, camping and trekking supplies and equipment, travel guides, destination guides and other publications. “An increasing number of people globally are now choosing to take off overseas for an extended gap year break, whether it be after completing school or university, between careers or before retirement,” Mr Bowman said. “In addition, the acquisition immediately provides FLT with basic social networking capabilities and a platform for travellers to engage in and share travel advice, tips and information.” FLT has initially acquired an 80% holding in gapyear.com and has an option to acquire the remaining 20% from founder Tom Griffiths. Mr Griffiths will continue to run gapyear.com and will report to Chris Galanty, FLT’s executive general manager in the UK. FLT’s investment in gapyear.com has not been disclosed. The investment will not have a material impact on the company’s financial performance or position.

    www.flightcentre.com.au

    http://www.traderdealer.com.au/Fundamentals/flt

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    ASX Company News: Mortgage Choice Acquires HelpMeChoose.com.au

    Monday, October 18th, 2010

    Australia’s largest independently-owned mortgage broker, Mortgage Choice, is pleased to announce its purchase of one of Australia’s top websites for home loan leads sold to mortgage brokers, HelpMeChoose.com.au.  It is the broker’s second acquisition in 11 months, the first being mortgage aggregator LoanKit.

    The comparison website generates tens of thousands of home loan leads annually from potential home loan customers, which are distributed to over 60 professional mortgage broking firms including Mortgage Choice, as well as a number of lenders. It also receives life and health insurance leads via two recently launched portals.

    www.mortgagechoice.com.au

    http://www.traderdealer.com.au/Fundamentals/mos

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    ASX Company News: QMastor To Acquire Algosys Inc

    Monday, October 18th, 2010

    QMASTOR Limited (QML) is pleased to announce that it has signed a binding Heads of Agreement to acquire all the shares in Algosys Inc (Algosys).   Algosys is a Canadian software and services company located in Quebec, Canada that specialises in metallurgical accounting software. The software has application in mining, processing and smelting operations. It has strong capabilities in base and precious metals such as gold, copper and zinc where process losses become an extremely expensive problem. The software reconciles process inputs to outputs to ensure an accurate mass and grade balances to identify areas within process plant where losses maybe occurring.

    The proposed acquisition of Algosys will provide QMASTOR with an excellent platform from which to grow its presence in the North and South American markets. The purchase of Algosys is expected to add significant value to QMASTOR as it is a niche company operating in the same value chain as QMASTOR’s products with limited competition. Further, there is the opportunity to sell Algosys software via QMASTOR’s emerging international distribution channels. The acquisition is consistent with QMASTOR’s merger and acquisition guidelines of expansion and revenue growth via synergistic acquisitions.

    Under the terms of the arrangement, QMASTOR will acquire 100% of the issued shares in Algosys for a maximum consideration of C$5,000,000. The consideration includes growth targets being met by Algosys over and above forecast revenue levels for the Canadian FY2010 over the next two Canadian financial years. The expected completion date is 1 December 2010. The consideration will be paid in three instalments.   The initial instalment will be paid on completion, being C$2,200,000 in cash and C$500,000 in QMASTOR shares. The shares will be issued at the 30 day VWAP for QMASTOR shares as at the date of issue of the shares or A$0.28, whichever is higher.   A second instalment payable at the end of Year 1 will consist of a cash payment of C$300,000 and issued QMASTOR shares to a value of at least C$500,000 and up to a maximum of C$890,756, issued at the 30 day VWAP for QMASTOR shares as at the date of issue, depending on the performance of the Algosys business in that year.  A final payment payable at the end of Year 2 will consist of a cash payment of C$500,000 and issued QMASTOR shares up to a maximum value of C$609,244, issued at the 30 day VWAP for QMASTOR shares as at the date of issue, depending on the performance of the Algosys business in that year.

    www.qmastor.com

    http://www.traderdealer.com.au/Fundamentals/qml

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    ASX Company News: Colorpak To Acquire Carter Holt Harvey Folding Carton Operation

    Tuesday, October 12th, 2010

    Colorpak (CKL) is pleased to advise that it has signed a Heads of Agreement with Carter Holt Harvey’s (CHH) Parent to acquire CHH’s folding carton operations in Australia and New Zealand.

    CHH is one of the leading folding carton board businesses in Australia and New Zealand with 5 plants and 658 employees. For the year to 31 December 2009, CHH had sales of $170 million pa, EBITDA as measured in our hands of approximately $4 million pa and net operating assets in excess of $70 million. CHH has operations in Melbourne, Sydney and Auckland and provides its products and services to customers throughout Australia and New Zealand. The acquisition includes the Montage solutions centre which provides pre-press, and structural design services to the CHH carton and corrugated businesses as well as the trade.

    Colorpak will acquire all the operating assets and assume all of the operating liabilities of the business including plant and equipment, working capital, premises leases and all employee entitlements, for a net consideration of A$5 million.  The acquisition of CHH will increase Colorpak’s revenue to approximately $250 million pa and base EBITDA to approximately $16.5 million, before cost and other synergies. Gearing is expected to remain well within bank covenants.

    Colorpak’s Managing Director, Alex Commins, commented, “Over the past decade, Colorpak has forged its reputation as providing outstanding customer service and quality. This is a unique opportunity in our company’s history to take a leading role in the industry. Combining with CHH will significantly enhance our business in the folding cartons sector and enable us to service clients with a broader product and service offering across the whole of Australia and New Zealand.

    www.colorpak.com.au

    http://www.traderdealer.com.au/Fundamentals/ckl

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    ASX Company News: 1300 Smiles Acquires Bray Park Dental

    Monday, October 11th, 2010

    1300SMILES Ltd has today completed the acquisition of the Bray Park Dental practice. Located in the Kensington Village Shopping Centre between Bray Park and Strathpine, this long- established practice is 1300SMILES’s seventh practice in the important southeast Queensland region, which comprises the Sunshine and Gold Coasts as well as greater Brisbane. This strategic corridor of practices is significant and convenient for patients and dentists alike. It delivers significant marketing, operational and demographic synergies and efficiencies. The Bray Park practice is located 10 kilometers north of the 1300SMILES practice at Carseldine. Comparably small distances separate the company’s facilities at Tingalpa, Carindale, and Springwood.

    The company provides the use of dental surgeries, practice management and other services to self employed dentists who carry on their own dental practices. The company provides surgery facilities at twenty sites located in the ten major population centres in Queensland. The administrative and corporate services headquarters is in Townsville. The services provided by the company allow the dentists to focus on the delivery of dental services rather than on the administrative aspects of carrying on their businesses. The dentists pay fees to the company for the provision of these services under a Dental Service Agreement with the company. The dentists who use the company’s services range from new graduates to experienced dental professionals. Several dentists who use the company’s services have special interests and experience in such areas as endodontics, oral surgery, implants and periodontics and cross-refer work to other dentists who use the company’s services. The company provides comprehensive services in the areas of marketing, administration, billing and collections, and facilities certification and licensing to all participating dentists.

    www.1300SMILES.com.au

    http://www.traderdealer.com.au/Fundamentals/ont

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    ASX Company News: National Hire Group Acquires Pump Rentals Pty

    Monday, October 11th, 2010

    National Hire Group Limited (NHR) announced that its subsidiary, Allight Holdings Pty Ltd, has entered into an agreement to acquire all of the issued shares in Pump Rentals Pty Ltd which, through its wholly owned subsidiary Sykes Group Pty Ltd, is one of the world’s largest manufacturers and distributors of auto prime pumps for the mining, construction and civil engineering sectors.

    The acquisition will expand the product offering and export market penetration of National Hire’s equipment sales and support business, Allight. The proposed purchase price for Sykes Group is $50 million (enterprise value). The transaction is subject to an additional earn-out amount of up to $5 million if the combined equipment sales and support business achieves certain earnings before interest and tax (EBIT) hurdles before 31 December 2012. The acquisition will be funded from available cash reserves and a combination of new and existing debt facilities.

    The acquisition is consistent with National Hire’s strategy to pursue value accretive acquisition opportunities to expand the equipment sales and support business and would be earnings accretive on a pro forma basis for National Hire.  The acquisition will enable National Hire’s equipment sales and support business to offer a broader range of auto prime pump solutions to local and export markets.

    Andrew Aitken, Managing Director of National Hire said, “This is a company transforming acquisition for National Hire’s equipment sales and support business. Sykes pumps employ advanced technology and are regarded as a premium brand in the global pump industry. Sykes Group provides scale, volume and distribution opportunities for National Hire that will help underpin future growth.”  Sykes Group has established distribution networks and customers across a number of export markets including the United Arab Emirates, Africa, Indonesia, the United States and New Zealand. Andrew Aitken further said, “The acquisition enables us to expand our pump distribution into a number of new overseas markets. Over the longer term, we believe this will also create significant export opportunities for Allight’s lighting towers and other product lines”.

    Sykes Group has a highly experienced management team, sales force and engineering workforce,  which will complement Allight’s existing staff and support the combined group’s activities. Sykes Group has been a major participant in Australia’s pump market for over 40 years. Since 2003 it has extended its reach into major mining and construction markets around the world and today is one of the world’s largest manufacturers and distributors of auto prime pumps.

    www.nhgl.com.au

    www.stirhill.com.au

    www.nationalhire.com.au

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    ASX Company News: Billabong Acquires Surf Dive ‘n’ Ski and Jetty Surf

    Monday, October 4th, 2010

    Billabong International Limited (BBG)  announced it has reached conditional agreement to acquire a portfolio of Australian retail assets  from the General Pants Group and associated parties. The 38 retail stores comprise the Surf Dive ‘n’ Ski (SDS) and Jetty Surf retail banners, along with two licensed Billabong stores.

    Billabong chief executive officer Derek O’Neill said the acquisition brought together two businesses with a strong heritage in the surf and wider boardsports sector. “SDS was one of Billabong’s earliest retail customers so we have had a strong working relationship over many decades,” said Mr O’Neill.  “We entered acquisition discussions with the view to preserving the assets as core boardsport retail doors and ensuring a route to market for the Group’s strong portfolio of brands.”  Mr O’Neill said the planned acquisition would strengthen Billabong’s retail business in Australasia, a region that already delivers the Group’s strongest retail EBITDA margins. “There is good retail experience in the SDS and Jetty Surf businesses and this will complement what is already a strong retail management team in Australia,” he said. “The acquisition presents the opportunity to extract significant synergies in areas including warehousing, distribution, back-office support and overall retail management consolidation.

    www.billabong.com.au

    http://www.traderdealer.com.au/Fundamentals/bbg

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    ASX Company News: Count Financial Acquires Total Financial Solutions

    Monday, October 4th, 2010

    Count Financial Limited’s (COU) wholly owned subsidiary, Countplus Pty Ltd, has settled its final acquisition before the IPO in December, through the purchase of the operating assets and liabilities of the Total Financial Solutions Dealership (TFSA).

    This non accounting based Dealer Group has around $1 billion under management and 70 advisers and complements Count’s accounting based offering. Its head office is located in Sydney and all staff will become new employees of Countplus’ dealership operating company, which will be independently managed and have its own Board of Directors.

    TFSA’s advisers are located throughout Australia and have signed new authorised representative agreements with Countplus’ wholly owned AFSL, Compound Investments Limited. As a risk focused Dealer Group one of the benefits of the acquisition includes a life insurance referral agreement to provide specialist advice to clients of Count’s network of approx 750 advisers. This, together with the under insurance currently within the Australian population, should assist TFSA in its future growth objectives.

    TFSA was acquired for an enterprise value of $11.5 million and is expected to earn $2.2 million in EBIT on a maintainable basis. This, together with other investees, should result in annual EBIT for Countplus of around $20 million. Two of the main attractions of TFSA are its new business model with advisers and distribution arrangements with its key platform provider, Oasis, that are both innovative and compliant with pending regulatory reforms.

    www.count.com.au

    http://www.traderdealer.com.au/Fundamentals/cou

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