The agreed acquisition represents a transformational transaction for GenusPlus Group, providing the company with significant exposure to the east coast onshore gas sector and further diversifying its national critical infrastructure services platform.
MPK is a leading provider of gas gathering and well maintenance services in Queensland, with complementary capabilities across pipelines, civil works, water and renewable energy projects. Under the transaction, GenusPlus Group has agreed to pay $325 million upfront, a further $25 million six months after completion, and up to $50 million in earn-out consideration, subject to achievement of earnings targets by MPK.
The acquisition is to be funded through the proceeds of the equity raising and an upsized syndicated bank facility. Completion is subject to customary conditions, including ACCC waiver or approval.
GenusPlus Group has described the acquisition as a key step in its strategy to become a leading provider of critical infrastructure services across Australia, with MPK’s capabilities in pipelines and civil works highly complementary to GenusPlus Group’s existing electrical capabilities.
G+T corporate advisory partner Justin Mannolini said:
We are delighted to have advised GenusPlus Group on this significant and strategic acquisition. The transaction represents an important step in GenusPlus Group’s continued growth as a national critical infrastructure services provider and further diversifies its exposure across Australia’s energy and infrastructure markets.
The G+T team was led by partner Justin Mannolini and senior associate Janelle Sputore, with support from partner George Varma and lawyer Nemanja Stepanovic. The broader team included senior associate Ane Espach, and lawyers Alana Cristinelli, Lara Lindegger and Jason Duryea.
