INFRASTRUCTURE services group Cardno Limited has acquired building services consulting engineering firm, ITC Group.
ITC is expected to contribute fee revenue of around $20 million to Cardno annually. Cardno will pay $18.4 million for ITC on an enterprise value basis plus a working capital adjustment of around $2 million.
ITC brings to Cardno a broad range of new engineering disciplines including electrical; mechanical; fire; hydraulic; sustainability; facility solutions; audio/visual; asset auditing; security; vertical transportation; lighting; acoustic; telecommunications and environmental auditing.
In its 12 year history, ITC has developed a solid client base, working with major clients who include Commonwealth Bank, Bovis Lend Lease, AMP and Telstra. The firm also works extensively with government organisations such as the Australian Tax Office, Department of Treasury & Finance and Australian Customs.
Australian Property Journal
