Thomsons Lawyers has acted for Hard & Forester in the sale of the company to international infrastructure services group, Cardno Limited (ASX: CDD).
Partner, Brendon Noney led the transaction on behalf of Hard & Forester, with support from Senior Associate, Samantha Culshaw and Lawyer, Sally Pritchard-Davies.
Cardno Hard & Forester, as the business will be known, will add revenues of around $9 million per annum and is earnings per share accretive in FY13.
The acquisition will be funded by an approximate mix of 75% cash and 25% shares. Around 250,000 shares will be issued at a price of $7.82769. The cash component will be funded from available cash reserves.
Hard & Forester has been in operation since 1982 and is one of the largest surveying practices in New South Wales with 24 survey parties. The acquisition will further strengthen Cardno’s presence in New South Wales and broaden the firm’s infrastructure services capability in the region.