Sale of a majority shareholding to Viburnum Funds
On 14 May 2020, Cranecorp Australia Holdings Pty Ltd ("Cranecorp") announced that it had secured a capital injection and new major shareholder through specialist industrials private equity investor, Viburnum Funds ("Viburnum").
Cranecorp was founded as Goldfields Crane Hire in Kalgoorlie, Western Australia in 1994. The business changed its name to Cranecorp Australia in 2014 as it expanded across Western Australia’s North West, to support major mining clients, and into the Perth industrial and manufacturing markets. The business has more than 135 assets and 175 staff and operates from eight locations across WA, providing shut down and maintenance lift services across the mining, oil and gas, utility, renewables and manufacturing sectors. Following the transaction, Cranecorp founder Rick Musarra will continue as a Director and significant shareholder.
Viburnum is a Perth-based specialist investor that targets investments in industrials businesses in the $50-$100m range with particular exposure to the mining, energy and resources sectors across the Asia Pacific region. Viburnum provides equity capital to profitable small and medium-sized companies to enable them to make acquisitions, pursue organic growth opportunities or to facilitate a shareholder buy-out or buy-in of the business.
The transaction is subject to customary conditions and is expected to close shortly.
Azure acted as corporate adviser to Cranecorp and advised on all aspects of the transaction including identifying Viburnum as a suitable partner, valuation and strategic advice, coordination of due diligence and negotiation of the relevant transaction agreements.