Catalyst buys Australian resources industry service provider
Australian private equity firm Catalyst Investment Managers has purchased a 49% stake in Morris Corporation, a provider of facilities management and accommodation services to the mining and oil and gas industries. The value of the transaction was not disclosed.
Morris, which has annual revenues of around A$200 million ($214 million), operates remote accommodation camps, flying workers in and out. Its clients include Fortescue Metals Group, Xstrata and QGC. It has operated in South China, Indonesia, Cambodia, Somalia, Yemen, East Timor and Iraq, as well as in Australia.
Catalyst's funding will be used to strengthen the company's balance sheet and support future organic growth opportunities. Following the investment, Robert McVicker and Morris' management, who bought the company from the Morris family in 1995, will remain majority shareholders.
Ernst & Young advised Catalyst on the transaction.
Catalyst has completed 37 management buyouts in Australia and New Zealand with a combined enterprise value of A$3 billion. It is currently investing out of Catalyst Buyout Fund 2, which closed in March 2009 at A$598 million. Earlier this month, it acquired AC Components, an air conditioning systems distributor.
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