Hastie acquires two businesses
Hastie Group Limited (HST) announced the acquisitions of the North Queensland based James + More and Tweed Heads based Cool-it. The building services and refrigeration systems group said the combined revenue of the businesses is about $35 million.
Hastie said the initial purchase price, to be paid in cash, represents an average EBIT multiple of 2.8x, with the opportunity for further performance-based earn-out payments over two years.
The company said James + More provide multi-trade air conditioning and electrical maintenance services from offices in Cairns and Townsville, and would enable Hastie to service its national customers, and capitalise on the projected growth, in the north Queensland market. Its customers include the government, defence, resources, retail, commercial offices and hospitality sectors.
Hastie said Cool-it services and installs air conditioning equipment for the commercial and residential markets from Coffs Harbour in northern New South Wales to Yeppoon in central Queensland.
The company added that Cool-it has strong relationships with project home builders, especially on the Gold Coast, and a growing presence in the premium apartment and nursing home markets.
As at 1037 AEDT, Hastie shares were up 1.5c to $1.865.
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