Mar 13 2008
Castle Harlan, Inc., the New York private equity investment firm, announced today that its Australian ffiliate CHAMP Private Equity has purchased Golding Contractors Pty Ltd, a company active in the mining industry and in public infrastructure projects. The price was not disclosed.
The company, founded in 1942 by Cyril Golding, is based in Gladstone, Queensland, in northeast Australia. Total revenues in 2007 were more than A$350 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to approximately A$50 million.
"The Golding family is pleased that an organization like CHAMP has purchased the company," Golding said. "I believe that Golding together with CHAMP will continue to grow and maintain its enviable position in Queensland."
Cameron Buchanan, the CHAMP managing director who led the acquisition team, said Golding was "an iconic Queensland company with an exemplary industry reputation, a long-term, blue-chip client base and an outstanding sustained growth performance."
He also noted that despite the difficult credit market, the transaction shows that, "for the right deals with the right private-equity sponsor, bank funding is very much available."
Existing management, headed by Chief Executive Officer Trevor Davies, will continue to hold a significant ownership stake in the company. Davies said the company welcomed the financial and strategic support that CHAMP will provide.
He noted that the mining sector in Queensland is booming and the company has a heavy backlog of public infrastructure projects on its schedule. "Golding is well positioned for future growth," Davies said.