Australian engineering group Monadelphous has acquired the family-owned construction firm Kerman Contracting.
The acquisition still sees Kerman Contracting operating as a stand-alone, wholly owned subsidiary. The partnership aims to provide a platform for growth and diversification while preserving legacy and values that have shaped the business.
The company has operated for more than four decades in Australia. Managing director Mark Nagle said the acquisition is in the best interest of the business.
“Joining Monadelphous is a great opportunity for Kerman to build on our growth, leveraging our businesses’ synergies, as well as our existing strengths and capabilities,” he said.
“Supported by Monadelphous’ longstanding reputation and balance sheet strength, we will focus on enhancing stability and scale, while strengthening existing client relationships.”
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Kerman chairman Chris Kerman said that the values which have been implemented into the business are what have helped the business to thrive for so long.
“My father Brian started our business over 40 years ago, and our whole family us proud of what it has grown into,” he said.
“It was important for us that any new owners would honour that legacy. We are very confident that Monadelphous is the right choice to carry it forward – and that, under their ownership, the business and our employees will thrive, and our clients will be well served.”
The two companies have a long history of collaboration, having worked together on projects such as the Mondium joint venture, as well a shared Western Australian heritage.
A Kerman Contracting spokesperson said that the company is grateful to everyone who’s been part of the journey and are optimistic for what lies ahead.