Bureau Veritas will acquire a majority stake in McKenzie Group, Australia’s market leader in mandatory construction compliance services
Dec. 6 2017
Neuilly-sur-Seine, France, December 6, 2017 – Bureau Veritas is pleased to announce it has signed an agreement to acquire a 65% equity stake inMcKenzie Group Pty Ltd (“McKenzie”), the Australian leader in mandatory property compliance services. The transaction is due to be completed before the end of this year, after customary closing conditions.
Founded in 1988 and headquartered in Sydney, McKenzie Group offers a suite of integrated compliance based services including building certification, compliance audits and consulting, and accessibility assessment to key building construction companies and project developers in the public and private sectors. The company has a track-record encompassing significant and diversified construction projects for commercial, residential and institutional buildings as well as transport and infrastructure projects. McKenzie is also present in Brisbane, Melbourne and Gold Coast, three other major cities in Australia. It employs 71 people and posted €10 million of revenues in 2016.
This transaction will enable Bureau Veritas to gain a significant market share in a very fragmented market as well as the leadership position in building & infrastructure services in Australia, where building certification is mandatory.
Bureau Veritas’ Chief Executive Officer Didier Michaud-Daniel commented:
“We look forward to welcoming the McKenzie Group and its teams whose reputation and performance are remarkable. This company will complement our portfolio of services in Australia and responds naturally to our Building & Infrastructure Growth Initiative. Australia’s population growth is expected to nearly double by 2050, requiring strong construction investment, and creating attractive opportunities for both the public and private sectors.”
Mark Cogo, co-Managing Director of McKenzie Group, stated: "As a market leader in Australia, we are at the forefront of our industry and our priority is to maintain our position by ensuring the successful delivery of projects. Bureau Veritas is the ideal partner for accelerating our development." Stephen Natilli, co-Managing Director of McKenzie Group, added: “Our teams will be able to apply their expertise on an even wider scale and build solutions integrating Bureau Veritas services within the Building and Infrastructure sector throughout Australia”.
Following this acquisition, Bureau Veritas will employ over 2,000 employees in Australia.