Maddocks advises Maas Group on $105m equity raising
Maddocks has advised leading Australian construction materials, equipment and services provider Maas Group Holdings Limited (MGH) on a new $105 million equity raising to fund future growth of the business and new acquisitions.
The deal involves an institutional placement of $35 million and a founder and management placement of $70 million with proceeds going towards, in part, three near-term acquisition opportunities in the construction materials sector. MGH will also offer a non-underwritten Share Purchase Plan to eligible Australian and New Zealand shareholders to raise up to $10 million. MA Moelis Australia Advisory and Morgans Corporate were Joint Lead Managers to the institutional placement.
This matter is the latest in which Maddocks has assisted MGH, with the firm also advising on MGH’s recent acquisition of rail maintenance, civil construction and plant hire business Schwarz Excavations last month, led by Partner Jessica Reid and Special Counsel Elizabeth Lilley.
Maddocks also advised MGH last year on its acquisition of construction business David Payne Constructions, as well as its purchase of Maas Construction Group including its building, commercial plumbing and demolition interests, in Western New South Wales.
Commenting on the latest equity raising matter for Maas Group, Catherine Merity said: "We were pleased to once again assist Maas Group with its institutional placement that will provide enough flexibility and scope to complete its future potential acquisitions and deliver on its growth strategy."
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the education, government, healthcare, infrastructure and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
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