Neptune Marine to buy SEA-STRUCT for $17m

Subsea engineering services company Neptune Marine Ltd has announced its seventh acquisition in the past 18 months, agreeing to pay $17 million for Fremantle-based SEA-STRUCT.
The acquisition is part of a strategy adopted by Neptune managing director Christian Lange, who joined the group in early 2006.
The businesses acquired by Neptune are all generating solid cash flow and give it the capacity to deliver subsea services in Australia and overseas.
Established in 1993, SEA-STRUCT manufactures, supplies and installs pipeline and cable stabilisation protection and erosion control products for the subsea oil & gas sector and the broader marine services market.
Its founder and managing director David Maclean will stay with Neptune for a minimum of three years.
The business has 37 staff, a head office in Fremantle and affiliations with companies in Singapore and Batam Island, Indonesia.
Neptune has agreed to pay $17 million plus a three year earn-out based on future performance.
The business currently generates $9 million in annual revenue and $4 million in earnings before interest and tax.
Mr Lange commented that Neptune was "off to a strong start" this year.
"Our new businesses have come together well, and we are taking advantage of the integrated opportunities that have arisen as a result of our expanded business model. Across all divisions, we are winning new work and growing our operations. "


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