Tuesday 23rd Jul, 2019

Qube acquires mining company for $135M

Photo: Qube

Logistics company Qube has acquired mining and industrial services company LCR for $135 million.

LCR is a specialist provider of outsourced industrial logistics services in the mining, heavy transport, mobile crane and renewable energy industries.

The purchase was funded through Qube’s existing undrawn debt facilities. The acquisition aims to provide Qube with additional geographical diversity and service capability to enhance the company’s ability to provide logistics solutions.

No immediate changes are expected for the business, with the initial focus of the combined business to work with the management team to ensure a high level of service can continue.

Qube Holdings’ Chief Operating Officer Paul Digney said the acquisition of LCR will allow Qube the ability to deliver enhanced broad-spectrum mining and industrial services to its customers.

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“LCR is well known for providing innovative lift and shift materials handling solutions across Australia and Papua New Guinea,” he said.

“Qube is committed to developing strong business units that deliver value for our customer base.

“I am delighted to welcome all LCR staff and management to Qube and l look forward to seeing the expanded service offering benefiting the combined customer base.”

LCR CEO and Managing Director Col Partington said he was excited for the staff and customers of LCR as it joins the growing national logistics business.

“This alignment will continue under the support umbrella of Qube which will drive our collective goal to increase our presence and customer focus both in Australia and internationally,” Partington said.

The acquisition is not expected to have a material impact on Qube’s net profit after tax, pre-amortisation.