SSH Group Limited completed the acquisition of Karratha Machinery Hire.
For the year ended June 30, 2021, Karratha Machinery reported revenue of AUD 6.3 million an EBITDA of AUD 3.83 million. The transaction is subject to SSH Group Limited conducting financial, taxation, commercial and legal due diligence in relation to Business, seller obtaining each of the Counterparty Consents, SSH Group Limited obtaining finance for the entire cash portion of the Consideration, Receipt of all third-party consents and regulatory approvals necessary in relation to the ownership and operation of the Business and the Assets and Shareholder approvals, Philip Patterson and the Purchaser agreeing terms for the employment or consultancy services of Patterson to the Purchaser, Such number of the Employees of the Business accepting employment offer made by Purchaser to the Employees under clause 9 as determined by the Purchaser in its absolute discretion, Steve Griffiths and the Purchaser agreeing terms for the employment as a manager of the Business on terms no less favorable than those currently employed in but for a period at least until December 31, 2023 and to include a 3-year restraint of trade clause. The completion expected to occur by May 16, 2022. The transaction is EBITDA, EPS, and margin accretive for SSH.
SSH Group Limited (ASX:SSH) completed the acquisition of Karratha Machinery Hire on May 10, 2022. This announcement has been authorized for release by the Board. As of November 15, 2022, deferred consideration of AUD 2,250,000 payable six months following Completion has been paid in cash and shares.