Mastermyne Group has taken a significant step towards expanding its service offering, through a decision to acquire Diversified Mining Services Limited (DMS).
DMS is a leading maintenance, engineering and contract mining services provider. The acquisition is worth a total value of US$ 20 million on cash free/debt free basis, and included payments required to restructure the business.
DMS is primarily focused on maintenance and mining services in Queensland and New South Wales, Australia. Established in 2009 by industry professionals and private equity investors, the company’s mining operations include ventilation services, outbye services, gas drainage and secondary support.
In April 2014, DMS was awarded a five-year multi-million dollar contract for the provision of scaffolding services at the Dalrymple Bay Coal Terminal.
Mastermyne’s acquisition of DMS is in line with the company’s strategy of expanding its service offering through its Services Division, and to complement the strong position it has in the underground coal sector.
Commenting on the decision, Mastermyne CEO, Tony Caruso, said: “DMS is a well respected service provider which will significantly increase the range of services that the Mastermyne Group can offer to the mining and other industries.
“DMS has a dedicated and well respected management team and workforce, all of which are highly regarded in their respective areas. We look forward to them joining the Mastermyne team and we are very confident that this acquisition will not only bring major benefits to the company but will also provide ongoing opportunities for the DMS and Mastermyne management and workforce.”
Edited from various sources by Katie Woodward
Read the article online at: https://www.worldcoal.com/mining/26092014/mastermyne-acquires-dms-1362/