Australia's Wolseley exits maintenance firm to trade buyer

According to AVCJ Research, Wolseley acquired the business under the name E.W. Cox in 2007 for $12.1 million. The transaction is expected to close before the end of 2016.

No specifics have been given regarding the amount of growth Facade has experienced during the investment period, although the company's largest contractor, CoxGomyl, reported that it has expanded "dramatically" since 2008. Wolseley contributed to this through operational improvements and three Europe-based acquisitions.

It appointed Tony Combe as Facade CEO in 2010, citing his experience as executive general manager of Australian metals company OneSteel Distribution.

Facade is considered a global leader in the supply of building access installations such as externally mounted ladders, gantries, crane units and powered platforms. The company operates sales offices in 27 countries and employs about 700 people. It claims annual revenue around A$150 million. Profit figures have not been disclosed but are believed to be 40% generated by services and maintenance work.

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.

Last month, the firm's portfolio company Byron Group, an Australian rescue equipment specialist, was placed into administration.

BDA Partners advised Wolseley on the Facade transaction.

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• Topics
• Australasia
• Trade sale
• Industrials
• Wolseley Partners
• Australia
• Exit
• manufacturing