Qube has acquired Western Australian integrated transport, logistics and storage business, Coleman’s Transport.
The announcement was made in Qube’s 2024 financial report, where it was revealed that the acquisition was finalised yesterday [21 August 2024].
According to Qube, the business incorporates a portfolio of specialised licensed infrastructure supporting the Security Sensitive Ammonium Nitrate (SSAN) supply chain in WA.
Total consideration for the acquisition was approximately $119 million (exclusive of stamp duty and transaction costs) and has been funded from Qube’s available, undrawn debt facilities.
“The acquisition of Coleman’s includes over $90 million of assets, including high security storage sheds in key WA mining centres,” said Qube Managing Director, Paul Digney.
“These facilities are close to transport infrastructure, SSAN manufacturing and processing facilities and meet all regulatory and compliance requirements.
“This acquisition provides Qube with a platform to enter the Western Australia SSAN supply market and to use its financial and operational capabilities to invest to support further growth and deliver operational improvements for this business.”
The acquisition is expected to be modestly earnings per share pre-amortisation (EPSA) accretive and exceed Qube’s minimum return on average capital employed (ROACE) target on a pro forma basis, inclusive of synergies.
These synergies are expected to be partly realised in the first year of ownership and fully realised within 24 months post-acquisition.
In other news, JOST Australia Regional Sales Manager Victoria, Graham Cox, is celebrating 10 years at the company.
