One of the biggest and longest established rural based engineering companies in New South Wales changed hands for $5 million through the auspices of our office.
The company, National Engineering Pty Ltd based in the country area of Young was acquired by Envirozel Limited, a listed public company specialising in developing a portfolio of engineering and construction companies.
In acting for National Engineering, with our experience and past successes of selling similar businesses, we sourced a serious strategic buyer.
Envirozel Limited emerged in June 2004 as a listed public company, with a strategy of organic growth and the acquisition, of specialist providers of services and equipment to the infrastructure, environment and construction industries.
Businesses with strong positions in their respective markets and exceptional growth opportunities had been steadily acquired by this company.
We saw National Engineering Pty Ltd as being a perfect fit for the Envirozel stable. The sale became Envirozel’s fourth acquisition since 2004 and its first strategic move into N.S.W.
Established at Young in south western New South Wales in 1890, National Engineering had grown to a workforce of 70 employees and an annual turnover of about $15 million.
Through gradual expansion it became involved in major steel construction contracts such as the Olympic stadium, The Olympic Velodrome and The Sydney Aquatic Centre.
Its rural activities included construction of major grain storage and handling structures for GrainCorp and the Rice Marketing Board.
Fabrication activities included manufacturing a range of farm silos.
This impressive portfolio of major projects coupled with an excellent reputation for its competitive and professional approach to business, made National Engineering an ideal acquisition target for Envirozel, one that could be expanded and diversified over future years.
The process of sale took a period of six months. We remained fully involved from the identification and introduction of the purchaser, through signing of the heads of agreement, to the due diligence process and drafting of the contract of sale.
As a broker Jamieson, has experience in sales of businesses worth in the vicinity of $500,000 to $20m across a wide variety of areas, including manufacturing, distribution, import, export, logistics, trade and professional services and retail chains.