The firm will sell APB to Britco, one British Columbia’s largest construction companies, and Canadian modular buildings specialist Black Diamond Group.
Britco said it will pay A$31.36m for 80 per cent of the manufacturing business and 10 per cent of the leasing business of APB, with Black Diamond owning the remainder.
APB was set up more than 30 years ago and today ranks as one of the top-four modular manufacturing companies in Australia.
The company has about 271,000 square feet of manufacturing space and designs and builds a line of products similar to that of Britco in its five main production facilities, which are located in Brisbane, Perth, and Sydney and a small overflow facility in Townsville.
The business is focused on high-growth segments within mining and resources, electrical switchrooms and general hirers, as well as government, education, industrial and general commercial opportunities.
CHAMP Ventures acquired APB in 2007, and has since helped the company establish a hire fleet, expand its operations in Western Australia and Queensland, and target niche segments such as electrical switchrooms and kitchens, according to its website.
In July last year the firm closed its seventh fund, CHAMP Ventures Investments Trust No.7, on A$475m – exceeding its hard cap of A$450m within eleven months of its first close.
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