Resources contractor Tempo Australia has entered into an agreement to acquire KP Electric, a leading national electrical services provider, for up to $10 million.
The acquisition will provide Tempo with a stronger national presence, as KP Electric currently services clients from 12 operating bases across Australia.
KP Electric specialises in Australia-wide electrical service, maintenance and compliance of existing electrical assets, and energy management.
It carries out preventative, programmed, reactive, and compliance electrical maintenance services to many of Australia’s largest corporations and government institutions.
They include Woolworths, Nokia Australia, Port of Melbourne, Fremantle Ports, Sydney Olympic Park Authority, the Department of Immigration and Border Protection, and the Australian Department of Education, among others.
The deal will provide Tempo the required infrastructure and resources to pursue maintenance, project, and energy work across all states, utilising the acquired footprint and sustained by a network of over 200 electrical specialists nationally.
“We expect that Tempo’s strong balance sheet, robust systems and processes, and experienced management team will act as a further enabler for the KP Electric core business,” said Max Bergomi, Tempo’s managing director and CEO.
“[It will allow KP Electric] to target more complex maintenance opportunities across larger Australian industrial and commercial sites. It’s a win-win situation for both parties.”
Peter King, the founder of KP Electric, and the management team will be retained in the business.