Nicholson Ryan Lawyers advises the principals of Pole Foundations Australia on the sale of the business to GenusPlus Group Limited

Nicholson Ryan Lawyers has advised the principals of Pole Foundations Australia on the sale of the business to GenusPlus Group Limited

21 February 2022

Nicholson Ryan Lawyers has advised the principals of Pole Foundations Australia (PFA) in relation to the sale of the business to the ASX-listed GenusPlus Group Limited (ASX:GNP) (Genus).

PFA is a privately-owned, Queensland based specialist provider of electrical pole inspection and reinforcement services with a strong market presence across the eastern seaboard.

Genus will acquire PFA for upfront consideration of A$22 million (comprising A$16.5 million in cash and A$5.5 million in Genus shares). The PFA principals will also be entitled to receive contingent earn-out payments in cash of circa A$20 million or more, provided the business achieves the stated EBITDA and NPAT performance targets across FY22 to FY24.

The sale is anticipated to be EPS accretive and highly complementary to Genus’ existing service offering, allowing Genus to provide a full life-cycle solution for utilities across pole inspection, maintenance and replacement.

Completion of the transaction is anticipated to occur by mid-March 2022.

The Nicholson Ryan team was led by Leath Nicholson (Principal), who was supported by Veroshan Sripragasan (Senior Associate) and Tom Walsh (Lawyer).

For further information, please contact:

Ian Christiansen, Practice Manager

(03) 9640 0400 or ianc@nrlawyers.com.au