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Haden Acquires Northern Territory Business

06/05/2008

Haden Engineering, a Norfolk Group Ltd. (ASX: NFK) company within its Mechanical division, has acquired Centre Refrigeration & Air Conditioning Pty Ltd (CRAC), the largest service based HVAC & R company in Alice Springs.

The acquistion will increase revenue by approximately $2.8 million and is expected to be earnings positive immediately. The acquisition will be funded out of existing cash and banking facilities.

One of the core elements of Haden’s growth strategy is bolt-on acquisitions that complement Haden technologically and geographically. The addition of Centre Refrigeration & Air Conditioning adds to Haden’s national network of branches across Australia, positioning Haden as a major HVAC & R service provider in Australia. It boosts recurring revenue earnings and adds highly qualified and experienced personnel to team.

“The acquisition will enable us to increase our footprint into the Northern Territory, adding to our existing branch in Darwin, to take advantage of strong growth in the area being driven by the mining, tourism and government sectors” said David Rafter, Chief Executive of Norfolk’s Mechanical division.

CRAC is a diverse business that undertakes a variety of service and maintenance activities in HVAC and related services in the Alice Springs region. Its major customers include The Department of Infrastructure, Planning and Environment, Spotless (Department of Defence) and Smimmac.

The company has enjoyed a sound business relationship with Haden for over 10 years, subcontracting its services on a number of Haden’s national accounts. It has earned a reputation for strong management and leadership supported by competent technicians and staff. It is also recognised for being a quality provider, offering premium rate services and strong long term customer relationships.

CRAC’s current owner will become branch manager and the majority of the workforce will transfer over to Haden.

“We are delighted to be keeping the existing team in place and look forward to building on the excellent reputation that the business has earned” said Mr Rafter. 

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