- Acrow Formwork has carried out a sale and purchase agreement for the purchase of Uni-span
- Acrow will purchase Uni-span for more than $21 million dollars and the deal is expected to be completed on October 31
- Uni-span is an Australian company that provides formwork systems for the civil infrastructure market
- Acrow shares are up 1.89 per cent, trading for 27 cents apiece
Acrow Formwork has today executed a sale and purchase agreement for the sale of Uni-span.
The agreement will see an expanded finance facility from Westpac to service the purchase.
Acrow will purchase Uni-span for $21.25 million in pre-earnouts with an initial consideration of $16.25 million comprising of $12.75 million in cash and $3.5 million worth of shares.
Founded in Queensland in 2002, Uni-span is an Australian owned and operated a company that is the leading provider of engineered formwork systems that primarily serve the civil infrastructure market.
Formwork systems signify the moulds that are used to store and hold wet concrete until curing (the process of the concrete hardening) is achieved.
Additionally, it supplies an industrial labour service to the energy, mining and industrial sectors while also complementing its scaffold hire.
Uni-span also has the exclusive Australian licence to distribute ULMA products, with ULMA being a leading Spanish manufacturer and supplier of formwork.
In FY19, Uni-span reported revenue of $34.4 million and normalised earnings before interest, taxes, depreciation and amortisation of $4.8 million.
Acrow Managing Director Steven Boland is pleased with the purchase and ultimate combination of the two businesses.
“We are very pleased to be combining the Acrow and Uni-span businesses,” he said.
“Uni-span’s product and service offering are not only highly complementary, but also provides Acrow with access to new clients and markets across the energy, mining and industrial sectors, and scale benefits across our national footprint,” he added.
Acrow’s share price is up 1.89 per cent and trading for 27 cents apiece in a market cap of $47.03 million.