12/10/2021 - 12:49

Norcliffe buys stake in Perth's Enerflow

12/10/2021 - 12:49

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ASX aspirant Norcliffe Mining Services has finalised its acquisition of Enerflow Mining Services in its second notable buy of the year.

Norcliffe buys stake in Perth's Enerflow
Enerflow has been acquired ahead of the Norcliffe's planned ASX listing. Photo: Enerflow mining Services

ASX aspirant Norcliffe Mining Services has finalised its acquisition of Enerflow Mining Services in its second notable buy of the year.

The company describes Neerabup-based Enerflow as a heavy mobile equipment rental and maintenance business.

The acquisition comes ahead of Norcliffe’s proposed listing on the ASX this month.

Norcliffe founding director Charlie Massarella said the company had been in discussions with Enerflow for “some time”.

“Its diversified income streams - rig dry hire, labour hire, and parts and maintenance - mitigate the cyclical nature of mining and will support our commitment to driving consistent returns for shareholders,” Mr Massarella said.

The deal follows its recent acquisition of Queensland drill and blast company Roc-drill which settled earlier this year.

Enerflow founders Gareth Moody and Craig Johnston are set to maintain operational control of the company alongside general manager David Smith.

Subiaco-based BDO acted as adviser to the deal.

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