Australian private equity firm Archer Capital, in association with transport group McAleese, has offered to acquire all the shares of Australian Securities Exchange-listed Boom Logistics, which provides lifting solutions and is a seller of mobile cranes.
Archer's proposal is in the region of A$240 million (€164.9 million; $202.7 million), a source told PEI Asia.
The firm is offering A$0.52 per share to acquire the company, according to a statement from Boom Logistics, which said the company has received a “highly conditional, confidential and incomplete proposal from Archer”. The company's shares were trading at A$0.40 at time of press.
The company's board has not formed a view with respect to the proposal, the statement noted.
Boom Logistics hires out and operates heavy machinery such as cranes, scissor lifts and travel towers in addition to offering managerial services for mining and construction projects. It runs 54 depots across Australia.
Archer Capital makes small and mid-market leverage buyouts through two funds: Archer Capital Buyout Fund and Archer Capital Growth Fund. The buyout fund invests in companies in Australia and New Zealand with enterprise values of between A$100 million and A$1 billion. The growth fund invests in Australian companies with enterprise values of between A$20 million and A$100 million.
The firm currently manages about A$2 billion.