Hastie Acquires Fire Protection Services’ Business Strategic Acquisition
Hastie Group Limited today announced that it has purchased the assets of Spectrum Fire & Security, one of the largest fire services businesses in Australia, with revenues in excess of $100 million a year, a national footprint and over 600 employees.

The Group’s Managing Director and Chief Executive Officer, David Harris, said the assets had been purchased for $7 million after the company had been placed into voluntary administration.

Mr Harris said the acquisition was in line with Hastie’s stated strategy to enter the fire services market and grow its recurring revenue base.

“We are delighted to have been able to make an acquisition of a national fire services business for such commercially favourable terms,” he said.

“Spectrum Fire & Security is an established business with a sizeable revenue stream, a high quality customer base and a specialist and committed workforce, that has undergone a major change over the past year and we are confident it will start to grow again as part of the Hastie Group.

“The acquisition makes strategic sense for Hastie, providing a national footprint in the fire services sector. It also provides us with cross sell opportunities with our  mechanical, electrical and commercial plumbing services.

“The business will form part of Hastie’s Maintenance Services division, and grow our recurring maintenance services’ revenue by around 50%.”

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