AE Smith Acquired by Spotless
Today AE Smith’s Executive Chairman, Andrew Permezel and CEO, David Willett announced that Spotless (ASX: SPO) has signed a conditional acquisition agreement for the purchase of AE Smith, Australia’s leading air conditioning and mechanical services provider
Spotless Chief Executive Officer and Managing Director, Mr Bruce Dixon said, “I am excited by the opportunity to further strengthen our capabilities by providing air conditioning, mechanical and building services to new and existing clients directly, reinforcing our position as Australia’s leading and integrated facility services provider. AE Smith provides Spotless with a platform for growth into technical services across a range of sectors including health, government, industrial and commercial.”
In making the decision to sell AE Smith to Spotless, Executive Chairman Andrew Permezel said, “I genuinely believe this is in the best interest of the company. In the longer term, this sale will give a level of financial stability and security that will allow AE Smith to grow and remain a leader in our industry.”
David Willett, AE Smith CEO, will continue to lead the business into this new era of expansion. He said, “Spotless offers us the opportunity to build upon our market leading position in mechanical services and broaden our offering to become the clear market leader providing the full range of technical services including mechanical, refrigeration, fire, hydraulics, energy and electrical.”
“We will be on a strong growth path over the coming years. This will create development and career advancement opportunities. We will also need to recruit substantial numbers of talented people to join our team,” David Willett said.
Significant opportunities for growth have already been identified in all of AE Smith’s current locations and planning is underway to open branches in new locations.
“AE Smith is characterised by an established brand and heritage, high quality people, strong safety culture, high degree of recurring service and maintenance revenue and, together with Spotless has excellent growth opportunities,” said Spotless CEO, Bruce Dixon.
AE Smith’s iconic brand, established in 1898, will be retained as will the current business structure and culture. “I am confident the heritage and reputation of AE Smith is in safe hands,” said Andrew Permezel.
The transaction is expected to complete by the end of February 2015, subject to certain conditions being satisfied.