Hastie Group, the Australian building services giant, bought Rotary for in excess of £100 million today as it seeks to carve inroads into the
For the six months to
Last month, Hastie’s
Rotary, based in
Under the terms of the deal, which is expected to be completed in April, Rotary will continue to operate under its own name, and the existing staff and management structure is to remain.
David Harris, Hastie Group managing director and chief executive officer, said: “The Hastie and Rotary combination creates a major international participant the in the building services industry. This transaction provides immediate scale in the large
In a joint statement, Shamus and Francis Jennings, said: “The coming together of Rotary and Hastie represents one of the most important initiatives to take place in this specialised sector for many years.”
A Northern Hemisphere Advisory Board (NHAB) is to be set up to oversee the combined interests of the two companies in their markets. Shamus
He added: “The combination of our businesses will create a company with three major hubs in
The services both companies offer complemtn each other perfectly and the culture of high quality professional delivery provides a unique synergy and world leading capability. The combination rpeserves our strong culture and helps create significant opportunity for further growth.”
“This is a company transforming transaction for Hastie. The Hastie and Rotary combination creates a major international participant the in the building services industry.
“Rotatry provides many of the same services to the same customer sectors as Hastie and operates a very similar decentralised business model. This transaction provides immediate scale in the large