PRESS RELEASE: Johnsons Successfully Brokers the sale of Torque Industries to Coventry Group Ltd

 

November 2018

 

 

 

COVENTRY GROUP ACQUIRES TORQUE INDUSTRIES

Johnsons is pleased to announce the successful sale of a private, mid-sized Australian business to a related industry buyer. After facilitating a comprehensive end-to-end sales and negotiations process, our client – Torque Industries – has been acquired by ASX-listed Coventry Group Ltd. Operating in South Australia, Torque is a diversified engineering company with sales in excess of $14M, healthy EBIT margins and 35+ staff servicing a broad range of industry sectors. Coventry Group provides industrial solutions to the mining, construction and manufacturing industries with a turnover of approximately $150M

The team at Johnsons were pleased to act as lead advisors to Torque Industries’ directors and would like to extend our congratulations to both the Vendors and the Purchaser.

Torque’s shareholders had sought an exit to focus on other business interests and required a new owner to take the Business through its next growth cycle. The Business had previously undertaken a selective sale process via a corporate advisor. Although mild interest was generated, no deal eventuated. This time around they sought a different approach and appointed Johnsons Corporate.

Within 10 weeks of going-to-market Johnsons had undertaken site inspections with 4 interested buyers, secured indicative offers from 2, and completed Offer & Acceptance with Coventry Group Ltd. The due diligence and legals processes were both completed within 9 weeks.