The James Packer-backed unit trust Ellerston GEMS Fund has acquired a 50 per cent stake in the commercial and mining construction business of Subiaco-based Arccon WA Pty Ltd, an affiliate of building company Zorzi Group.
The full text of a company announcement is pasted below
Arccon (W.A.) Pty Ltd announced today that 50% of its commercial and mining construction business has been acquired by Ellerston Capital through the ASX listed Ellerston GEMS Fund.
Ellerston Capital Limited is a wholly owned subsidiary of the James Packer backed Consolidated Press Holdings Limited.
Arccon commenced its' commercial design and construction business in late 2003 and has experienced significant growth in a strong W.A. market.
Arccon has over $300 million of commercial projects under contract and is currently providing mining design services to a major mid-west iron ore company about to embark on a multi-billion dollar mine development in 2008.
Ellerston Capital Director and Consolidated Press Holdings Executive Chairman, Mr James Packer, said: "We are delighted to have the opportunity to support the future growth plans of a successful business operating in two important, high growth sectors of the W.A. economy."
Arccon's founding managing director, Mr Robert Wilde, said: "Having the financial capital support from James Packer and Ellerston Capital will facilitate our ability to take on major commercial and resource construction projects in the immediate future and maximise the many opportunities in Western Australia."
Arccon currently employs over 70 staff managing a range of projects including shopping centres, bulky goods showrooms, mixed commercial / residential and office towers.
"The additional financial resources now available to Arccon will allow for another major growth phase in our ambition to become a leading W.A. engineering and construction company," Mr Wilde said.
