Mastermyne Group has completed the acquisition of leading hard rock mining services company, PYBAR Mining Services.
Under the terms of the PYBAR acquisition, Mastermyne has issued 23,209,325 fully paid ordinary shares to the PYBAR shareholders, and paid $11.75 million in cash consideration to PYBAR shareholders, which represents 50% of the total cash consideration for the acquisition.
PYBAR Mining Services is a nationwide provider of mining services with its core competency in metalliferous underground hard rock mining.
Mastermyne Managing Director and CEO, Tony Caruso said the deal provides the company immediate exposure to this growing sector at a meaningful scale and it roughly doubles the size of the Mastermyne Group.
“The acquisition brings together two very reputable and successful underground businesses which now has significant scale, a synergistic customer base and a much larger addressable market to underpin future growth,” Mr Caruso continued.
“Together the businesses have significant corporate and management bench strength which will be a differentiator for our clients in a tight labour market.
“I look forward to working with the people and clients of PYBAR Mining Services as they now become a part of the Mastermyne Group.”
Paul Rouse, incoming Non-Executive Director of Mastermyne Group and PYBAR founder said:
“We are very excited to be joining the Mastermyne group and working with the Mastermyne team to continue to grow the PYBAR business.
“We view this as a unique opportunity to bring two quality businesses together, that are highly complementary to one another, and to accelerate the opportunities that are ahead of us.
“This acquisition will be value adding for our management, our workforce and our clients and I look forward to joining the board.”
