GR co-founder to chair Tasmea

A national mining services company that has quietly completed multiple acquisitions in Western Australia has appointed a Perth-based chair as it explores an ASX listing.

Adelaide-based Tasmea, formerly known as investment company E&A, has 16 wholly owned subsidiaries across Australia.

These include Jandakot-based electrical services contractor Tasman Power and Welshpool-based lifting and rigging specialist A Noble & Son.

The company has recently appointed broking firms Bell Potter and Shaw and Partners to evaluate capital raising options, with an initial public offering and a listing on the ASX one possibility.

It has also bolstered its board with the appointment last month of Joe Totaro as the company’s chair.

Mr Totaro was a co-founder and chief financial officer at listed company GR Engineering Services and continues as a non-executive director at GR.

Tasmea has also recruited Perth-based professional director Kristie Young, who joined the board two weeks ago as a non-executive director.

It’s board also includes Perth-based chief operating officer Jason Pryde, who joined in 2021.

He is the founder and chief executive of Tasman Power and Tasman Rope Access, two of Tasmea’s largest subsidiaries in WA.

The group generated $320 million in revenue and $39.5 million in earnings before interest, tax, depreciation and amortisation in the year to June 2023.

With a spate of acquisitions across the country over the past year, the group is aiming to lift annual revenue to about $400 million, according to an investor presentation.

About half its earnings come from WA, particularly the iron ore sector.

Tasmea is led by accountant Stephen Young, whose past roles include being managing partner of Arthur Andersen’s Adelaide office and running boutique firm Equity & Advisory.

He is managing director of Tasmea and executive chair of all its subsidiaries.

Along with executive director Mark Vartuli, Mr Young previously ran E&A as an investment company.

They started building a mining services and engineering group in 2001 with an investment in South Australian business Louminco, which merged with subsequent acquisition Whyalla Fabrications.

That was followed by the purchase of ICE Engineering & Construction in 2009.

The group gained a presence in WA in 2016 when it purchased Tasman Power, which subsequently established Tasman Rope Access.

It gained a presence in the Pilbara in 2021 with the acquisition of North West Mining & Civil.

Last year it bought Maddington-based lubrication services company Laptek Systems and 95 per cent of Welshpool-based lifting and rigging specialist A Noble & Son for $1.4 million.

Its acquisitons this year include WA-based Sigma Power Services, for $2.0 million in cash and shares. 

It has also made a number of east coast acquisitions, most recently in February this year when it bought Corfield’s Electrical Service, which operates in central Queensland, for $2.5 million.

It has about 1,300 employees across its 16 subsidiaries.