Middletons has advised Qube Ports in reaching a binding agreement to acquire Giacci Holdings for $119 million, plus another $26 million in assumed shareholder debt.
Speaking after the completed deal, the firm’s transport, logistics and defence group said the geographic location of Australia has led to Australian companies being at the forefront of multi-modal transport systems involving land, sea and air transport.
The transaction involved the acquisition of the Giacci group of companies – a business based in Bunbury, Western Australia with operations in WA, South Australia and New South Wales.
Lead partner and member of Middletons' transport, logistics and defence group, Michael Neylan, said the acquisition of allows Qube to “penetrate upstream in the transport chain from port to mine, thus providing a whole of supply chain service to the market”.
Neylan said this is attractive to large miners who have complex and overlapping freight tasks.
The acquisition of the Giacci group includes a strategic land bank of properties in the Bunbury area. Neylan said this would bring Qube prospects for industrial development as Bunbury becomes more significant as a transport hub.
Giacci has built its business in the mining industry, specifically in mineral haulage and handling, providing mine to port solutions for the majority of its customers and, in most cases, assuming full responsibility for the supply chain.
Qube Ports operates bulk, non containerised stevedoring facilities around Australia, particularly in WA which is a focal area for the export of mineral products.