May 2021
A JOHNSONS CORPORATE DIVESTMENT
Johnsons is pleased to announce the successful sale of a private, mid-sized Australian business to a strategic trade buyer. After facilitating a comprehend-sive, end-to-end sales and negotiations process, our client – Fluid Power Services – has been acquired by Coventry Group Ltd for an undisclosed amount. Based in Tasmania, Fluid Power is a long-established provider of hydraulic engine-eering services to customers in the Mining & Metals, Infrastructure, Trans-port & Logistics, Building & Construction Timber, and Industrial Services sectors. ASX-listed Coventry Group provides industrial solutions to the mining, cons-truction and manufacturing sectors.
The team at Johnsons were pleased to act as lead advisors to Fluid Power’s directors and would like to extend our congratulations to both the vendor and the purchaser.
In 2019 after growing the Business for almost 30 years, Fluid Power’s directors engaged Johnsons Corporate to conduct a national divestment campaign. They sought to exit the Business and create a succession plan for its future continuity by way of a sale to a third party. In the face of Covid-19 induced challenges, Johnsons secured Offer & Acceptance in late 2020.
Commenting on the sales process, Fluid Power’s Richard Lawson explained: “As they say timing is everything, and Johnsons stayed with us every step of the way to complete the transaction. In the end it may have taken us longer than we first thought, but both of us are extremely happy with the result. We can’t recommend Johnsons highly enough. Coventry Group is a great fit with Fluid Power, and we couldn’t have gotten here without them.”