NRW is extending its geographical reach with an $85 million acquisition of east coast mining services contractor Golding Group.
Western Australian-based NRW will make the acquisition through a $25 million equity raising, a $48 million debt facility and existing cash reserves.
Golding delivers a range of open cut mining services in the coal and metalliferous mining sectors, including mine development, operations, site management and mine site rehabilitation.
In addition to its mining capabilities, Golding is a civil infrastructure and urban services company that operates in Queensland and New South Wales.
“Golding is a strategically and financially compelling acquisition, with the potential to deliver growth across the business and drive NRW shareholder value,” NRW managing director Jules Pemberton said.
“Golding is a business with strong market positions across its operating divisions, underpinned by longstanding Tier 1 client relationships and an experienced management team.
“The business is highly complementary to NRW and with a well-recognised brand, represents an attractive platform for our company’s further expansion into the growing east coast civil and infrastructure markets and coal and metalliferous mining sectors.”
Golding employs around 700 people and operates about 370 items of plant and equipment.