Multiplex heir to acquire Victorian Probuild assets

Multiplex heir Andrew Roberts’ construction company Roberts Co is set to expand its operations after offering to take over most of the Victorian-based assets of its embattled rival Probuild.

Administrators Deloitte confirmed they had reached in principle agreement with New South Wales-based Roberts Co, with the sale subject to the completion of due diligence within the next fortnight.

The sale will ensure the continuation of Probuild’s Victorian-based projects, providing certainty for employees, sub-contractors, suppliers and other stakeholders.

Deloitte turnaround and restructuring leader Sal Algeri said the agreement was an excellent outcome and that Roberts Co was a natural fit, having had experience in large-scale projects and a history with Probuild’s executives.

Roberts Co chief executive Alison Mirams said the acquisition aligned the company’s growth plans into Victoria, following a successful launch into New South Wales more than five years ago.

“It’s not often the right opportunities present themselves under such challenging circumstances,” she said.

“We look forward to regaining the trust of the clients, staff and subcontractors as we continue to build a better way.”

The move comes just two weeks after administrators were appointed to 18 of WBHO Australia's entities, including Probuild, with up to $250 million owing to stakeholders.

It also follows Mr Roberts’ move to full ownership and rebrand of Roberts Co in January, buying the 50 per cent stake construction company Impresa Pizzarotti held in the company.

Roberts Co was launched as Roberts Pizzarotti back in 2017 as part of a joint venture between the Multiplex heir’s family investment company RF Capital and construction group Impresa Pizzarotti and focused on commercial construction contracts and high-rise residential developments in Sydney.

Mr Roberts was raised in Perth and is one of three scions to Multiplex, which was founded by his father John Roberts.

He spent two decades working for the family company, rising through the ranks to become chief executive until February 2007, when the company was taken over by the multinational property group Brookfield.

Meanwhile, Webuild, formerly known as Salini, is now reportedly looking to take over the Western Australia-based operations of WBHO.