Herbert Smith Freehills has advised SRG Global Limited (SRG) on the successful completion of its acquisition of WBHO Infrastructure Pty Ltd (WBHOI) out of voluntary administration.
The acquisition was undertaken by way of a deed of company arrangement (DOCA) which included a transfer of the shares of WBHOI to SRG Global Civil Pty Ltd (a subsidiary of SRG). The DOCA was approved by WBHOI’s creditors at the creditors’ meeting on 30 March 2022. Completion of the acquisition occurred on 31 March 2022.
SRG is an engineering-led global specialist asset maintenance, mining services and construction group operating across the entire asset lifecycle of engineer, construct and sustain. The Company operates three segments: Asset Services, Mining Services and Construction.
WBHOI is headquartered in Perth, Western Australia, and was part of the Australian WBHO group (which also included the Probuild construction companies). WBHOI provides asset management, civil maintenance and construction services across the resources, government, transport, infrastructure, aviation and utilities sectors.
SRG’s acquisition of WBHOI for net consideration of A$15.2m was funded through existing cash and equipment finance facilities. WBHOI operations are complementary to SRG’s existing operations and expand SRG’s asset management, civil maintenance and construction capabilities while also ensuring the ongoing employment of WBHOI’s Western Australian workforce.
The Herbert Smith Freehills team was led by restructuring, turnaround and insolvency partner Paul Apáthy who advised SRG on the transaction. Support was provided by corporate partner Paul Branston and real estate partner Frank Poeta senior associates James Kirkpatrick, Sevan Gore and Jenny Allpike and solicitors Angus Dick, Frances Hewitt, Joseph Dean, Eleanor Lau and Jonathan Wu.
Paul Apáthy said: “We are very pleased with the outcome of this transaction. The acquisition sees the continued operation of WBHOI under new ownership and importantly, the continued employment of all of WBHOI’s 275 Western Australian employees.”
SRG was advised by Herbert Smith Freehills and PwC. Salvator Algeri, Jason Tracy, Matthew Donnelly and David Orr (each of Deloitte) were the administrators appointed to WBHOI. King & Wood Mallesons advised the administrators.