Ramky Enviro Engineers Ltd. acquired Australia's Enviropacific Services Pty Ltd. The terms of the deal were undisclosed. However, a source who had knowledge about the transaction stated that the deal amounted to about AUD45 million (US$41.5 million).
This was the first of a number of targeted acquisitions in the region, part of a plan to enter new market sectors. Swee O Goh, the company's executive, said, "Enviropacific's strong market position, blue chip client base, significant revenue growth and extensive in-house capability made it an attractive acquisition opportunity." He also added, "Enviropacific provides Ramky Environment with a strong Australian platform to drive substantial growth in both Australia and internationally in key regions including Greater China, India, Singapore, Asean (Association of Southeast Asian Nations) and the Middle East where strong demand exists for the high quality and environmentally sound services provided by Enviropacific."
Ramky Enviro Engineers Ltd., a subsidiary of Ramky, was a waste management company. It was backed by a private equity unit of Standard Chartered PLC. Meanwhile, Enviropacific was a provider of environmental engineering and petrochemical services.
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