On February 3rd, 2023, Ashley Services Group Limited (ASX: ASH) announced that it has signed an agreement to acquire Owen Pacific Workforce Pty Ltd (“OPW”), which provides seasonal workers to the Australian horticultural industry. The acquisition price for OPW is expected to be between AU$14.2 million and AU$15.9 million in total, based mainly on EBITDA for FY23, which is anticipated to be between AU$4.1 million and AU$5.0 million.
The acquisition will complete on February 6th, 2023, as the remaining conditions precedent are expected to be fulfilled shortly. Westpac will fund the initial purchase consideration payment of approximately AU$7.1 million. The remaining OPW purchase consideration is planned to be paid in about two equal amounts in September 2023 and September 2024.
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