November 11 - McAleese Group has agreed to pay USD3 million for a 50 percent equity investment in Heavy Haulage Australia (HHA), with an option to acquire the remaining 50 percent in two to five years.
The shareholders of HHA have agreed to provide USD7 million of working capital facilities, with McAleese contributing USD4 million of this amount. McAleese will also support the growth opportunities of HHA through the provision of existing assets, or investment in specialised new equipment to accelerate the expansion of HHA in its target sectors.
McAleese Group managing director and ceo, Mark Rowsthorn commented: "The key strategic reason for this investment is the opportunity to diversify into the attractive infield oil and gas sector, which demonstrates strong long term growth prospects."
HHA is a leading provider of heavy haulage transport services with a recognised safety culture and a modern fleet of specialised equipment. Its services include out-of-gauge and project freight transportation, lifting, storage solutions and self propelled modular trailer support - with a primary focus on strategically developing its service capability in the infield oil and gas sector.
HHA's facilities in Brisbane, Toowoomba and Darwin, and its geographical reach into the regions of North West Australia, Central Australia and South East Queensland will provide a strong complement to the existing operating locations of the McAleese Heavy Haulage & Lifting division, said the company.