Nebraska headquartered Valmont Industries has acquired Locker Group Holdings, a Melbourne-based supplier of infrastructure and engineering products.
Locker, owned by private equity firm Advent Private Capital since 2006, has five manufacturing sites throughout the region, and has reported annual revenues of approximately $80 million. It makes a variety of industrial solutions, including grating floors and conveyor belts.
“The sale to Valmont will result in a highly successful exit generating an expected return of over 2.5 times for our investors,” Advent’s investment director Symon Vegter told the Wall Street Journal’s Deal Journal Australia.
In a statement, Valmont’s Vik Bansal said that Locker’s products matched neatly with what his company provided.
"The acquisition of Locker Group enhances Valmont's position in the access
systems market while further adding complementary exposure in the perforated and
expanded metal products markets," he explained.