Australia's PE-owned Byron Group enters administration

According to a filing with the Australian Securities & Investments Commission, PPB Advisory has been appointed as administrator for Byron Group Holdings and its five subsidiaries. PPB said in a separate statement that the company would continue to operate while it undertakes a review and holds discussions with interested parties with a view to achieving a sale as a going concern.

Byron Group produces ambulances and rescue equipment, specialist heavy vehicles, aircraft interiors and ground support equipment, and customized electronic and IT infrastructure. It was founded in the 1960s and employs more than 300 people in Australia and the United Arab Emirates. The company's manufacturing plants in Australia cover over 18,000 square meters.

AVCJ Research's records show that Wolseley bought a 72% stake in Byron Group - then a provider of aircraft maintenance engineering services - in 2010 for A$36 million ($30 million). It assumed full ownership of the company two years later, paying an undisclosed sum. Byron completed the bolt-on acquisition of Amplus Group, a specialist commercial vehicles manufacturer, in 2014.

Wolseley launched its third fund in late 2013, targeting A$300 million for investments in small to mid-size privately-owned businesses in Australia and New Zealand. AVCJ understands that this process is now on indefinite hold.

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• Topics
• Australasia
• Write-off
• Industrials
• Wolseley Partners
• Australia