G&S sold for $100m to the Calibre Group
ICONIC Mackay firm G&S Engineering has been bought by the Calibre Group in a $100 million deal.
Together, they are now poised to expand further into national and international markets.
G&S chief executive officer Mick Crowe exclusively announced the decision to the Daily Mercury yesterday afternoon and said the deal would greatly expand businesses growth opportunities.
"Being part of the Calibre Group will enable G&S to take this to another level, including increasing our presence in current markets as well as new markets, in particular the iron ore sector, in Australia and overseas," Mr Crowe said.
"We believe it is a fantastic opportunity for our people and for our clients."
G&S Engineering started in Mackay 17 years ago and has boomed into an immensely profitable business.
In the last financial year alone the company's revenue reached $279 million.
Its headquarters is in Mackay but G&S has six branches across Queensland and New South Wales and about 1000 staff, which will all remain on board.
Calibre Group's managing director Rod Baxter said the acquisition was a significant step in Calibre's strategy to further grow and diversify its business and revenue base in pursuit of its vision to become a global leader in engineering services.
"This transaction offers an attractive opportunity to bring a leading business in its field into the Calibre fold," Mr Baxter said.
"Over the past two decades, founder Graham Smith and managing director Mick Crowe have built a business with high reputational value and a strong safety culture and work ethic that is well aligned with Calibre's objectives and values.
"The existing management team will remain involved in the business going forward," Mr Baxter said.
Mr Crowe confirmed yesterday the business would continue to operate under the G&S Engineering name.
"This transaction allows G&S ... the ability to remain an industry leader for decades to come."