Shaw and Partners appointed as Sole Lead Manager and Underwriter to AVADA Group IPO News04 Nov 2021

Shaw and Partners is pleased to be appointed as Sole Lead Manager and Underwriter to AVADA Group Initial Public Offering.

 

The company is seeking to raise approximately $43.0 million at $1.00 per share and intends to list on the ASX under the stock code ASX:AVD.  

 

AVADA Group was formed in March and is made up of five acquired companies: Verifact Traffic, Arid to Oasis Traffic Solutions, Platinum Traffic Services, D&D Traffic Management and The Traffic Marshall. It also operates the Linemark, TMP and CTM brands, which were previously acquired by Verifact and settled in September.

 

Proceeds from the IPO will go towards completing the acquisitions, with the largest allocation of cash going to Verifact Traffic ($11 million) and Arid to Oasis ($9.2 million).

 

The business is led by former Wallabies prop and Queensland Police detective sergeant Crowley, who played for Australia in the 1990s and went to world cups in 1991, 1995 and 1999. Crowley started Verifact, the first entity in the roll-up, in 1990 while still playing rugby.

 

He’s teamed up with Hockridge, who lines up as Avada chairman. Hockridge ran Aurizon for its first six years as an ASX-listed company, and now sits on Sealink Travel Group’s board.

 

Collectively the company has a fleet of 657 vehicles and growing, 1413 traffic controllers, 20 depots across Queensland and NSW, $117 million revenue and EBITDA of $11.5 million for the 2021 financial year. It forecast $15.5 million EBITDA and $146.6 million revenue for the 2022 financial year.

 

"AVADA Group will offer integrated traffic management services including planning and permit, traffic control, equipment hire, event management and emergency services. Traffic management services are essential to all civil infrastructure and maintenance service providers". said Lance Hockridge, Chairman in a letter to investors. 

 

The offer is open to Australian resident clients only.

 

For more information please contact your Shaw and Partners adviser.

 

 

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