New Zealand’s largest value added glass processor Metro Performance Glass has agreed to acquire 100% of the shares in Australian Glass Group (AGG) for A$43.1 million.
AGG, which is currently owned by interests associated with the Trawalla Group, was founded in 2008 and has glass processing plants in Melbourne and Sydney that supply double glazed glass units, custom laminated and toughened safety glass for residential and commercial projects across Victoria, NSW, Australian Capital Territory and Tasmania.
It is the third largest glass processor in Victoria and NS, generating annual sales of circa A$45 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of circa A$8 million.
Metro Glass Chairman Sir John Goulter said the acquisition, subject to customary conditions and adjustments, will be fully debt funded.
“This acquisition represents a significant strategic step for our company and we are confident that AGG and the Australian glass processing market more broadly, represent an attractive growth opportunity for Metro Glass long term,” Mr Goulter said.
“AGG importantly has a strong management team which will ensure that Metro Glass NZ management can remain highly focused on building the capability and service offering required in NZ to further benefit from the domestic opportunities that lie ahead of us. We have started the financial year well, and continue to benefit from a strong local market.”