Coffey paid $2.7 million for the Sydney-based business, comprising $1.7 million in cash and $1.0 million in shares. Revenue for this business is expected to exceed $1.8 million in the 2008 financial year.
Coffey International Limited managing director Roger Olds said: “Teal’s transport infrastructure project management expertise will expand the infrastructure project management capability within subsidiary Coffey Projects.
“The addition of Teal’s expertise in project managing complex rail, road and water projects strengthens our ability to be involved in the full life-cycle of such infrastructure projects.”
Coffey Projects chief executive officer Peter Coney said Teal had a long-standing reputation for successfully managing infrastructure projects from concept to completion.
“In particular, the company has built enduring relationships within the New South Wales rail industry generally and with rail infrastructure owners and constructors, including RailCorp, Australian Rail Track Corporation and the Transport Infrastructure Development Corporation.”
In New South Wales both the Federal and State governments continue to invest in both the interstate and greater metropolitan rail networks. In the 2006-07 financial year, the New South Wales government alone had 11 key projects under construction on its metropolitan rail network which were collectively valued at $3.2 billion.
Established in 1989, Teal has seven staff.
Teal managing director Tony Howitt said joining the Coffey group provided the opportunity to grow more rapidly.
“Until now Teal has been constrained by its ownership structure. We are looking forward to rapidly expanding our services under the proven Coffey ownership model.
“Coffey is known for its specialist knowledge in a range of areas. We are a good fit with Coffey given our specialist expertise, reputation for developing creative solutions and achieving successful outcomes for our clients. As a subsidiary of the Coffey group, we can offer existing and new clients our specialist expertise with a greater spread of skills across a broader range of services,” Tony said.
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About Coffey
Coffey International Limited is one of the top 300 companies on the Australian Stock Exchange with a market capitalisation of approximately $450 million. Operating for nearly 50 years, we have a range of specialist businesses working in the social and physical infrastructure markets. And, collectively, we aim to improve the lives of world communities.
Around the world, we are providing services at every stage of the infrastructure lifecycle – starting with planning and financing the project, through development and resolving the technical challenges to the management of resources, timelines and budgets. And the cycle continues as we use our specialist knowledge to ensure objectives continue to be met in the long term and infrastructure is appropriately maintained.
Our work involves a wide a range of built assets – like roads, buildings, gas pipelines, mines, and sporting facilities – just about everything that is required to meet the demands of a growing world population, rapid urbanisation and heightened environmental sustainability awareness.
Through our expertise, we are also enabling government and aid agencies to strengthen local communities, increasing quality of life and living standards. We develop mechanisms and manage projects across a range of social infrastructure, including economic development, education and training and health.
Coffey International Limited now has over 3,000 people working on projects in more than 60 countries and has permanent offices throughout Oceania, the Americas, Africa, Asia and Europe. Our plans are to continue expanding our specialist businesses through acquisitions and organic growth.
Visit www.coffey.com for more information.
About Teal Management Services
Teal Management Services are a project management company located in Sydney. It specialises in managing complex multi-disciplined projects, in particular infrastructure projects on and around rail. In addition to rail infrastructure projects over the years it has undertaken and successfully managed other infrastructure projects, such as the Homebush Bay Water Reclamation and Management Scheme and Eastern Creek Waste Disposal Centre.
Visit www.teal.com.au for more information.
Note to editors:
Roger Olds is available for interview. To arrange please contact:
Diana Krause, Communications Manager, Coffey International Limited, on (+61) 3 9473 1405, (+61) 420 959 942, diana_krause@coffey.com
Or Catherine Vallence, Mendleson Communication, on (+61) 3 9827 1422, (+61) 400 212 245, catherine@mendleson.com.au
