The deal will ensure ongoing employment for WBHOI's 275 employees in WA
Herbert Smith Freehills (HSF) has advised construction and maintenance services company SRG Global Limited (SRG) on its acquisition of Perth-based civil construction business WBHO Infrastructure Pty Ltd (WBHOI) out of voluntary administration for $15.2m.
The deal will expand SRG’s asset management, civil maintenance and construction capabilities and ensure ongoing employment for WBHOI’s 275 engineering and operational personnel in WA.
“This acquisition will ensure minimal disruption to WBHO Infrastructure’s WA business and its clients, while helping solve one of the biggest constraints to growth in the current economic environment,” SRG managing director David Macgeorge said.
The purchase is funded through existing cash and equipment finance facilities and takes effect by way of a deed of company arrangement, under which WBHOI shares will be transferred to SRG Global Civil, a subsidiary of SRG. The deal completed on 31 March.
Partner Paul Apáthy led HSF’s restructuring, turnaround and insolvency team on the transaction. He was supported by partners Paul Branston and Frank Poeta; senior associates James Kirkpatrick, Sevan Gore and Jenny Allpike; and solicitors Angus Dick, Frances Hewitt, Joseph Dean, Eleanor Lau and Jonathan Wu.
PwC acted as the financial and tax advisers to SRG. Deloitte Australia served as WBHOI’s administrators and received advice from King & Wood Mallesons.
