PE-invested mining services provider enters administration
The Anywhere Group (TAG), an Australian provider of temporary accommodation for the mining sector, has gone into administration owing Singapore-based PE firm Crest Capital Asia A$9.5 million ($8.4 million).
Administrator Kim Strickland of WA Insolvency Solutions told The West Australian that creditors - including Crest Capital - are seeking to recover a total of A$14.5 million from the business.
TAG is headquartered in Subiaco, Western Australia and has a 19,000 square meter manufacturing facility on the outskirts of Perth. The company has been in operation for 10 years providing remote camp infrastructure to mining and resources sector.
The business had a turnover of A$46 million in the 2013 financial year and 18 months ago employed more than 150 people servicing clients such as BHP Billiton, Rio Tinto and the State Government.
However - like so many in Australia's mining service industry - TAG's order book took a hit as mining firms cut back on development spending in the wake of the commodities downturn.
Crest - which has more than $700 million under management - is understood to have entered a strategic partnership with TAG in May last year to enhance the company's design, build and lease capabilities. Around the same time it had acquired a 51% stake in Perth-based affordable housing investor Questus in a A$130 million deal.
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