CHANGE OF OWNERSHIP AT ABERGELDIE COMPLEX INFRASTRUCTURE

Mick Boyle, the Founder and Executive Chairman of Abergeldie Complex Infrastructure has purchased back the  Wolseley stake in Abergeldie to once again own 100% of Abergeldie.

Six years ago  Wolseley Private Equity purchased a 60% share in Abergeldie Complex Infrastructure. During the period of Wolseley investment, Abergeldie has grown and diversified. The governance of the business has been strengthened. The financial systems upgraded. The management systems have been developed and are now acknowledged as industry leading.

Abergeldie has also successfully acquired the pipe relining business Kembla Watertech. Kembla Watertech is now Abergeldie Watertech and adds to the extensive water infrastructure capability that existed within Abergeldie Complex Infrastructure.

During the Wolseley investment period Abergeldie has made key appointments to strengthen the business development, estimating, design and infrastructure delivery teams. Abergeldie also appointed a CFO in 2012 and last year Greg Taylor replaced Mick Boyle as the CEO of Abergeldie Complex Infrastructure.

Over the last year Wolseley Private Equity reached the end of their investment cycle in Abergeldie. During May 2016, founder and 40% owner of Abergeldie Complex Infrastructure, Mick Boyle reached agreement with Wolseley to repurchase the Wolseley stake in Abergeldie. The transaction will be completed on 30 June 2016.

Mick Boyle said “I am proud of what we have achieved at Abergeldie over the last 22 years. We have a very competent team of hard working people, safely delivering high quality complex infrastructure to build a better community.

The journey we have had with Wolseley over the last six years has been a very positive one for the business. We are poised to grow and have the people, experience, systems and financial resources in place to become a much more significant player delivering complex infrastructure to eastern Australia in the years ahead.

I more than anyone understand the value of the capability and culture we have created at Abergeldie and was delighted to have the opportunity to reinvest in the business.”