Contractor MACA has acquired a majority stake in privately-owned Interquip, a provider of mineral processing solutions predominantly in Western Australia and the Northern Territory.
The agreement sees MACA acquire 60 per cent of the issued capital of Interquip for about $8 million. MACA, which will settle the transaction with a combination of cash (70 per cent) and shares (30 per cent), has the option to acquire the remaining 40 per cent of Interquip after three-and-a-half years.
MACA operations director Geoff Baker said the acquisition enabled the company to establish a structural, mechanical and piping offering in the mining industry.
“We can see many near-term opportunities to grow the Interquip business utilising our strong balance sheet and to complement the current services we offer our clients,” Baker said.
MACA plans to provide ongoing funding support to facilitate the growth of Interquip, which was founded in 1996 as a mining plant and equipment trader.
Interquip now offers end-to-end mineral processing solutions, equipment refurbishing, on-site maintenance and modular conveyor systems.