Australia, Industry News

GCS acquisitions reach targets 14 months early

GCS acquired Newave Contracting and Blueline Contracting for a combined amount of $7.3 million in cash and shares. Under the settlement terms, $2 million of the cash payment was deferred until an agreed two-year EBITDA milestone had been achieved. GCS said the businesses achieved the earnings requirement within the first 10 months of trading under GCS ownership. Newave and Blueline are involved in the supply and installation of concrete, together with related labour services, predominantly to Perth’s commercial construction sector. “We expect our acquisitions to continue to make a significant contribution to GCS Group’s earnings in the current year,” GCS managing director Enzo Gullotti said.He said that despite the current conditions in the financial markets, GCS continued to assess a variety of growth opportunities.

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