Calibre Group has acquired New Zealand engineering and surveying firm Spiire NZ from Downer EDI.
Operating through its subsidiary Brown Consulting, Calibre has acquired the 120 person business for NZ$ 1.9 million using its existing cash reserves.
According to Calibre, it bought Spiire to expand both its exposure to civil and urban infrastructure as well as its presence in New Zealand.
Spiire is expected to generate approximately NZ$19 million in revenue in FY2014
Brown Consulting’s managing director Gary Spence said the acquisition is a major step in the company’s global expansion.
“Key short term growth opportunities for Spiire include the Christchurch earthquake rebuilding activity, Auckland’s housing shortages, water infrastructure engineering services, and increased activity in the transport infrastructure sector,” Spence said.
Calibre managing director Peter Reichler added that the acquisition will help expand Calibre’s infrastructure business.
He went on to state that is on the lookout for further takeovers.
“We continue to see appropriately targeted acquisition opportunities as an attractive means of broadening Calibre’s capabilities and service offering as well as diversifying our end markets. Spiire is well placed to benefit from the improving momentum in the New Zealand economy.”
The acquisition follows on the back of Calibre’s purchase of E-Tec Consultants in Western Australia.