28.11.2005

Instant Access Australia sold.

Rick Stowe’s Griffin group has sold Instant Access Australia to RMB Ventures, a division of RMB Australia Ltd, the Australian operating arm of Rand Merchant Bank of South Africa and its senior managers for A$40 million(£17/$30 million).

The Griffin group acquired Instant Access, which was founded in 1968, with the purchase of the WR Carpenter holdings in 1983. Instant access was the licensee for UpRight scaffolds, this connection resulted in Ric Stowe and his Griffin group acquiring the then publicly traded UpRight Inc in 1987.

RMB Ventures Principal Philip Latham said: "Instant Access is a classic 'buy and build' investment for RMB Ventures. Our aim is to provide funds to businesses to enable growth both organically and by acquisition over a three to five year period,".

"Instant Access fits perfectly into that space. We believe that in partnership with its senior management team, Instant Access is set to achieve outstanding results in the future”.

"There are numerous acquisition opportunities in the construction services sector, which will provide Instant Access with further opportunities for growth and development."

Instant Access chief executive officer John Lucano said "The management buy-out, in conjunction with RMB Ventures represents an excellent partnership in which the senior management team will become significant equity investors. We are very excited to work with RMB Ventures, given their track record in successful buy and build scenarios,"

"RMB has helped the senior management team move from employees to owners, which is a fantastic reward. Our relationship with RMB will allow us to pursue the company's growth strategy, help us strengthen our market position and geographical spread, consolidate and diversify our product range, particularly in elevated work platforms and steel scaffolding, and further penetrate the infrastructure, maintenance and residential construction industry sectors."

The Griffin Group was advised by Corpac Partners, chief executive officer Robert Crossman said.
"The sale of Instant Access for $40 million represents a good return for The Griffin Group whilst providing Instant Access' management with an exciting opportunity to build the business further in partnership with RMB Ventures. The funds will be applied towards The Griffin Group's continued expansion in the energy and power generation sectors."

Instant Access, manufacturers light alloy scaffolds and runs a significant scaffold and powered access rental fleet from locations in Sydney, Melbourne, Brisbane and Newcastle, as well as two locations in New Zealand.