SYDNEY: Engineering and asset management firm Verbrec Ltd. (ASX: VBC) said Tuesday it has agreed to sell its registered training organization, Competency Training Pty Ltd, to RelyOn Australia Pty Ltd for A$11.5 million in cash.
The deal, subject to customary conditions including approval from the Foreign Investment Review Board, will see all staff, facilities and equipment of Competency Training transfer to RelyOn, a global provider of safety and technical training services.
Verbrec said the divestment will strengthen its balance sheet and enable reinvestment into core operations, including energy transition and automation services. The company plans to pursue organic growth and bolt-on acquisitions aligned with its strategy to support sustainable infrastructure.
“This sale allows Verbrec to focus on its engineering and asset lifecycle services while unlocking capital for strategic expansion,” CEO Mark Read said in a statement. “We’re confident Competency Training will thrive under RelyOn’s global platform.”
Competency Training, acquired by Verbrec in 2008, offers accredited and non-accredited courses in hazardous areas and high-voltage operations. The transaction is expected to close following satisfaction of regulatory and operational conditions.