Equistone-backed Fircroft completes Australian bolt-on

Equistone-backed Fircroft completes Australian bolt-on

24 May 2016

Fircroft, the global workforce solutions provider to the technical engineering sectors, has strengthened its position in the mining, minerals and natural resources industries with the acquisition of Australian-based One Key Resources. 

Established in 2011, One Key Resources is a specialist provider of workforce solutions to the mining industry and has become a market leader in the Asia-Pacific region.

The latest acquisition strengthens Fircroft’s portfolio of operations and provides the Group with greater access to the Asia-Pacific markets. Fircroft was backed by independent investment firm Equistone Partners Europe in 2012 in a deal worth £140m.

One Key joins Fircroft Group at a time of expansion following the the company’s acquisition of global telecommunications recruiter Rygon and the formation of several joint ventures throughout 2015.

Steve O’Hare, Partner at Equistone Partners Europe in the North of England, said: “Fircroft has continued to trade well in light of the difficult backdrop in the oil and gas sector. This acquisition demonstrates that we see this period as an opportunity to invest in growth and increase market share, whilst also expanding our sector capabilities which will enable us to use the Fircroft global footprint to grow One Key more rapidly.”

Fircroft CEO, Johnathan Johnson, added: “One Key is leading the market in workforce solutions for the mining and natural resources industries. With its continual focus on providing a best-in-class service to clients and contractors alike, One Key is perfectly aligned to the values of the Fircroft Group.

“At Fircroft we have ambitious expansion plans, and we are pleased that One Key, with its suite of innovative, market-leading training products and workforce solutions will be joining us on this journey as we seek to further strengthen our expertise in providing workforce solutions to the global mining industry.”

Grant Wechsel will continue as Managing Director and as a shareholder of One Key following the acquisition, while his fellow director and former Australian Rugby League captain Darren Lockyer will also continue in his role.

Legal advice for the deal was provided by Roger Hart and Adam Kaucher of Addleshaw Goddard, whilst Richard Bell and Dan Wright of Deloitte performed Financial Due Diligence. Iain Gallow of Calash performed Commercial Due Diligence.

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