Sime Darby Berhad to acquire South Australia’s Cavpower Group
Sime Darby Berhad to acquire South Australia’s Cavpower Group
Sime Darby Berhad announced today that its wholly-owned subsidiary, Sime Darby Industrial Australia Pty Ltd (Sime Darby), will acquire Cavpower Group (Cavpower), a privately owned Australian company, with distribution responsibilities for Cat® equipment in South Australia and Broken Hill in New South Wales (NSW).
“The acquisition of Cavpower complements our existing portfolio and provides geographic expansion to position our Industrial division in high growth infrastructure and commodity areas of the Australian market,” Sime Darby Berhad Group Chief Executive Officer Dato’ Jeffri Salim Davidson said.
The Cavpower and Cat® brands are well established in South Australia and Sime Darby intends to leverage its demonstrated performance in managing across the growing resources, infrastructure and energy sectors.
“The transaction provides a rare opportunity for Sime Darby to gain exposure to the extensive resources sector in South Australia, further reinforcing Sime Darby Industrial’s footprint in Australia and the Asia Pacific region.”
Cavpower, headquartered in Adelaide, South Australia, employs more than 450 people through a network of nine branches across South Australia selling Cat®equipment, parts, service and technology solutions.
“We are very pleased to have retained Cavpower’s strong management team and look forward to working with them to build on its leadership in the resources, infrastructure and energy sectors,” Dato’ Jeffri added.
The transaction is expected to be finalised in the coming weeks once final conditions are met.