Alimak Group has acquired building maintenance unit (BMU) suspended access producer Facade Access Group for AU$120 million (US$157.8 million).
Facade Access Group, based in Australia, is a global market leader in its sector with two brands; CoxGomyl and Manntech. Through the buyout Alimak is expanding its business into the niche BMU market and taking advantage of global growth on the sector.
Tormod Gunleiksrud, CEO of Alimak Group, said, “The complimentary combination of the two companies, especially when between the permanent installed solutions of Facade Access Group to Alimak’s Industrial Equipment, will enable scale and synergistic advantages in the supply chain, expand overall business opportunity, including further development of the aftersales offering.”
The acquisition, funded through expanding existing credit facilities, is subject to customary regulatory approvals and expected to close before the end of 2016. Alimak said the acquisition is expected to be immediately accretive to earnings per share and will contribute positively to cash flow, while the Group’s earnings before interest and tax (EBIT) margin is expected to be diluted.