Acrow Formwork and Construction Services Limited (ASX:ACF) entered into a Share Purchase Agreement to acquire MI Scaffold Pty Ltd for AUD 36.3 million on November 6, 2023. The consideration is based on enterprise value of AUD 36.4 million on a cash-free and debt-free basis, comprising of upfront consideration of AUD 26.4 million and potential deferred consideration up to AUD 9.9 million. The acquisition is to be funded by equity raising via institutional placement and newly expanded Westpac debt facility.

The Acquisition is currently expected to complete in mid-November and subject to customary conditions, financing and working capital adjustments. Moelis Australia Advisory Pty Ltd acted as financial advisor, Grant Thornton International Ltd. acted as an accountant and Owen Hodge acted as legal advisor to Acrow Formwork and Construction Services Limited. Matt Baumgurtel, Jo Ruitenberg, Hannah Jones, and Zane O?Neill of Hamilton Locke Pty Ltd acted as the legal advisors to MI Scaffold Pty Ltd. Nicholas Assef, Ashley Siles and Joe Brereton of LCC Asia Pacific Pty Limited acted as the financial advisor to MI Scaffold Pty Ltd. Tim Goodman of RSM Australia Pty Ltd and Katrina Ryan of Next Accounting Pty Ltd acted as the accountants to MI Scaffold Pty Ltd.