10 March 2011
Lend Lease today announced that it has completed the acquisition of Valemus Australia (Valemus), the parent company of Abigroup, Baulderstone and Conneq from Bilfinger Berger SE.
The Valemus order book at 31 December 2010 was A$5.3bn, which provides considerable visibility of future earnings.
The Valemus name will be retired immediately with Abigroup, Baulderstone and Conneq continuing to operate as separate business units, as part of Lend Lease’s infrastructure business. Peter Brecht, formerly Chief Executive Officer of Valemus, has been appointed Managing Director, Infrastructure, reporting to Scott Charlton, Lend Lease Group Director of Operations.
Lend Lease will now undertake an initial 90 day integration process that will focus on enhancing value and confirming opportunities for synergies. A key aspect of the integration will be to share knowledge, systems and processes ensuring consistent best practice approaches to safety, risk management and corporate governance are maintained across the Group.
Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said the acquisition is consistent with the Group’s strategic direction and focus on key growth trends. The Abigroup, Baulderstone and Conneq businesses give Lend Lease capabilities in the growing Engineering & Construction markets.
“I would like to welcome all Valemus employees to Lend Lease. There is a strong cultural and strategic fit between the organisations and the depth of skills within the Valemus businesses will add considerably to our market offering, said Mr McCann.
“Lend Lease acquired Valemus at an attractive price and we retain significant financial flexibility to fund the Group’s development pipeline. The Group’s strong balance sheet, diversified portfolio and substantial project pipeline provide a strong platform for earnings growth.”