Neptune completes Access acquisition

Neptune Marine Services Ltd has extended its reach in the Asia Pacific region after finalising its $4.5 million acquisition of Perth-based Access Management (WA) Pty Ltd.

Today both companies entered into a sale and purchase agreement where Neptune has agreed to an initial payment of $4.5 million and a three-year earn out period based on earnings performance of Access.

Neptune said all payments will comprise of 80 per cent cash, funded by a share placement completed late last year, and 20 per cent in shares.

As part of the acquisition, Access managing director Steve McCarthy and all of the company's full-time employees will remain with the business for a minimum of three
years.

Access generates annual revenue of $4 million and earnings before interest and tax of $1 million. Through the use of rope access, lightweight staging and tension netting, the company provides safe solutions to difficult access problems that meet strict International Rope Access Trade Association (IRATA) requirements.

Neptune said Access is renowned as one of the largest specialist access companies in the Asia Pacific region.