01 November 2017
Anchorage Capital Partners today announced it has completed the acquisition of Contract Resources from ASX listed Bapcor Limited.
Contract Resources is a market leading provider of critical maintenance services to the oil, gas, energy and infrastructure sectors in Australia, New Zealand, South America and the Middle East.
Anchorage has appointed a new Chief Executive Officer, Adam Machon. Adam has highly relevant global contracting experience across the oil, gas and infrastructure sectors. For the last 10 years Adam has held a number of senior roles at Transfield Services (now Broadspectrum) including managing their resources and energy division in North America as well as senior management roles in Australia.
Adam will be supported by continuing management shareholders, Andy Wells (Chief Operating Officer) and Gray Gardner (Project Director).
Anchorage Managing Director, Callen O’Brien, said “Contract Resources has a leading brand and strong market position supported by its loyal employees and long term customer relationships. We are excited for the future prospects of the business.”
Anchorage will be represented on the Board of Contract Resources by Callen O’Brien and Phil Cave.
About Contract Resources
Contract Resources was founded in 1989 and has grown to become a market leading provider of critical industrial waste management and maintenance services to the oil and gas sector in Australia, New Zealand, South America and the Middle East. Contract Resources specialised service offering includes: catalyst handling, environmental and industrial services and mercury waste treatment. The business currently delivers its services to the refinery, LNG, petrochemical, renewable energy and resources sectors.
Contract Resources is currently completing Australia’s only mercury waste treatment plant capable of the safe treatment of mercury waste generated from oil and gas production.
About Anchorage Capital Partners
Anchorage Capital Partners is a specialist Australian private equity firm that focuses on investing in companies which have strong and established track records, but are not achieving their full potential. The funds managed by Anchorage have $450 million in committed funds. Anchorage's partners and investment professionals have considerable experience in company management, corporate strategy, management consulting and corporate finance and have a long track record of successful partnerships with management teams.