Walter buys WA's MacCormick for $35m

Perth's MacCormick family has agreed to sell its engineering and tunnelling business, DJ&MB MacCormick Civil Engineering, to ASX-listed contractor Walter Diversified Services Ltd of Sydney for $35 million.
The 31-year-old MacCormick business is based in Maddington and also operates in New South Wales and Queensland. On the international scene, MacCormick has operated successfully in Kuwait with potential markets elsewhere in the Middle East and India.
The deal comprises $30 million in cash and the issue of $5 million worth of Walter shares.
Also announced today, UK-headquartered oil services company Cape plc has bought Kwinana-based mining and industrial processing services company TCC Group in a cash and scrip deal worth at least $85 million.
Other recent deals include:Sydney-based Crane Group Ltd bought Welshpool's Kingston Bridge Engineering Pty Ltd for $100 million
English company Intertek Group plcpaid $56 million for Maddington-based minerals testing business Genalysis Laboratory Services Pty Ltd.
Belmont-based Paladio Group Ltd paid $54 million for Pilbara construction firm Decmil Australia Pty Ltd
Northbridge-headquartered VDM Group Ltd acquired Welshpool earthmoving contractor Malavoca for $45 million, the biggest of $98 million in purchases which included Wylie & Skene, Como Engineers and Barlow Gregg.
ASX-listed Coote Industrial Ltd, another Maddington company, paid $25 million for Kewdale rail company South Spur Rail Services, before also buying North Fremantle-based FCD Container Logistics for $12.5 million. Coote aslo bought GEMCO Rail for $33.8 million.
West Perth-based engineering services company Neptune Marine Services Ltd bought Midland company Tri-Surv Pty Ltd, paying $16.4 million in cash and scrip for the specialist hydrographic surveyor. It also bought Subsea Developments Australia for at least $5.5 million, plus earn-out.
Late last year, NSW-based steel player Bradken acquired Wundowie Foundry Pty Ltd in Western Australia for $8 million.


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