Anchorage Divests Contract Resources

CR is a market leading provider of critical maintenance services to the oil, gas, energy and infrastructure sectors in Australia, New Zealand and the Middle East. ACP acquired CR in October 2017 as a non-core carve-out from ASX-listed Bapcor Holdings. Prior to the acquisition, the business was under an extended period of stress from accelerated international growth and material footprint expansion, with limited consistency in contracting principals or cost discipline. Despite this, ACP recognised that the quality of the underlying business remained strong and identified a large range of operational improvement opportunities with material upside.

Callen O’Brien, ACP Managing Director and CR Chairman said “In the last two years, the CR management team, in partnership with ACP, have executed the operational improvement opportunities we identified at acquisition. CR has also undertaken major capital investment programs, including construction of the southern hemisphere’s largest mercury waste treatment plant, to improve the quality of the business. Collectively, these initiatives have resulted in a tripling of EBITDA from acquisition to June 2019.”

"Today, CR is a leading provider of critical path services that protect the longevity and integrity of its clients’ highest value, most complex assets. The business has robust systems, infrastructure and contracting discipline, stable senior management and has been prepared for growth.”

 During ACP’s ownership, Callen O’Brien has been the Chairman of CR and was joined on the Board by Phil Cave. Beau Dixon joined Callen and Phil on the Turnaround Committee which oversaw the successful operational improvement program.

ACP was advised by Credit Suisse, MinterEllison and PwC.