Rotary - Hastie merger announced
International MEP contracting firms Hastie Group and Rotary have announced their merger.
Belfast-based MEP contractor Rotary has merged with Australian building services and refrigeration specialist Hastie Group.
Economic completion of the reported multi-million pound deal is expected to complete by the end of March 2008. The deal will join two major players in the global building services sector to give a combined total of over 6,000 employees and an annual revenue of around Ãƒâ€šÃ‚Â£700 million (AED5.2 billion).
Following the merger Rotary will continue to trade under its existing name with the same management, providing a significant presence for the combined group in the UK, Irish and Middle East markets. A new Northern Hemisphere Advisory Board will be established to oversee the combined interests of the two firms in their markets.
Rotary chief executive officer Shamus Jennings will chair this board, which will include Ritary chair Dr Francis Jennings, Hastie Group managing director and CEO David Harris and Hastie finance director Chris Woodward. The Jennings family will be the largest individual shareholder in the newly combined group.
In a joint statement Shamus and Francis Jennings commented: "We are confident that this partnership will create a new dynamic for future success. Existing and potential clients will benefit from a combined expertise and breadth of experience...whilst our employees will enjoy new opportunities through being part of a larger group."
Hastie Group md and CEO David Harris added: "This deal provides immediate scale in the large UK market and strengthens our position in the Middle East where both Hastie and Rotary have growing revenues. This greatly assists my vision of creating a "world class" business."
Rotary is one of the largest providers of essential building services in the UK and Ireland. It specialises in the provision of air conditioning/mechanical, electrical and maintenance services, primarily to the healthcare, education, industrial, commercial and retail sectors and has completed projects in over 40 countries worldwide, including the Middle East.
Hastie Group is the largest commercial and industrial air conditioning, refrigeration, electrical and hydraulics group in Australia, with subsidiaries active in the UK and the UAE. It is quoted on the Australian Securities Exchange and is a member of the S&P/ASX-300 Index.