Squire Patton Boggs Advises Altrad on Acquisition of Valmec

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The Perth Corporate team acted for Altrad Australia Pty Ltd, a subsidiary of Altrad Investment Authority S.A.S (Altrad), in connection with its acquisition of approximately 98% of Valmec Limited (Valmec) by way of a scheme of arrangement.

Valmec, which was ASX-listed prior to completion of the transaction, is a multi-discipline contractor providing in house and niche end-to-end solutions covering design, construction, maintenance and asset integrity services to the oil and gas, energy, water, infrastructure and resources sectors.

Altrad is a global leader in industrial maintenance services, delivering high value-add services to clients in multiple sectors. Privately owned and headquartered in France, Altrad is a major operator in the industrial contractor space throughout the globe.

Altrad paid Valmec shareholders AU$0.413 per share in cash consideration under the transaction, with the total deal value coming to approximately AU$52 million.

Altrad’s acquisition of Valmec is understood to be a key pillar of Altrad’s growth strategy, with the merger of Valmec into Altrad’s existing operations expected to deliver a value-accretive change in the scale and diversity of Altrad’s Asia-Pacific business.

Partner Simon Rear, who led the transaction, said “This is an excellent acquisition for Altrad, one which will broaden its service offering in the Asia-Pacific. It was a pleasure to advise Altrad on the acquisition of Valmec and we congratulate Ran Oren, Neil Sadler and the wider Altrad team on the successful completion of this transaction.”

Simon Rear was supported by associates Connor McClymont and Josh Walsh. Altrad was also advised by Darren Martin and Tom Bethlehem at Longreach Capital.

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