SYDNEY, AUSTRALIA: Johns Lyng Group (ASX: JLG) announced the retirement of Bright & Duggan Executive Chairman, Trevor Bright, and completion of the acquisition of his 44.5% equity interest in the JLG subsidiary specialising in strata and building management (effective 25 August).
The purchase price was $25.6m for the 44.5% equity interest comprising $15.4m in cash (funded from existing cash reserves and debt facilities) and $10.2m in JLG shares (50% subject to escrow for 6 months).
The acquisition is expected to be immediately earnings accretive. Chris Duggan will continue in his role as Managing Director of Bright & Duggan.
Johns Lyng Group Chief Executive Officer, Scott Didier AM, said, “Mr Bright is a true leader who has left a lasting legacy on the strata sector”.
“On behalf of the JLG Board, I thank Trevor for his long and tireless commitment to Bright & Duggan and wish him all the best for his retirement and the next chapter of his life,” Mr Didier said.
“Trevor, along with Chris Duggan and the team they’ve developed, share a passion and ambition that helped to make Bright & Duggan a true leader in the strata space, with strong brand equity and a diverse client base. It was these characteristics that made the business such an appealing acquisition for JLG when we sought to enter the strata market in 2019.
“Continuing our expansion into the space remains a strategic priority for JLG, representing a compelling investment and growth opportunity with significant opportunities for additional revenue.
“We’ve made impressive progress within the strata space over recent years, and we look forward to continuing to do so into the future as we explore opportunities for consolidation and growth”.