Millennium to acquire Airlite Group

Millennium to acquire Airlite Group

21 October 2016

  •   MIL enters into a binding agreement to acquire 100% of Airlite Group (“Airlite”) for cash consideration of $25.1 million
  •   The acquisition will be funded through a $42 million consolidated debt facility package finalised with ANZ Bank
  •   Airlite is a leading provider of cleaning, maintenance and integrated services in Western Australia
  •   Airlite gives MIL a national footprint, a broader service offering and increased competitiveness with clients that have national portfolios
  •   The acquisition is expected to be immediately EPS accretiveMillennium Services Group (ASX:MIL) today announces that it has entered into a binding agreement to acquire 100% of the Airlite Group (“Airlite”) for $25.1 million1. The acquisition price represents an indicative multiple of approximately five times Airlite’s 2016 audited EBITDA and approximately 4 times Airlite’s anticipated 2017 pro- forma EBITDA. The acquisition of Airlite is expected to be immediately EPS accretive and completion is expected to occur imminently, subject to several conditions precedent.

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