Divestment of WA Measurement Business
Qteq yesterday concluded the divestment transaction of it's West Australian Geotechnical business to Hopper Industrial Group, by way of a Management Buy Out led by Chief Technology Officer Dr Tim Hopper. Qteq will retain the East Coast Monitoring & Wireline Business, which will be restructured to provide a much greater focus on the Coal Seam Gas & Groundwater industries.
CEO, Ewan Meldrum commented “This transaction has been at the centre of our investment & pivot strategy, designed to create a more focused Environmental Technology Service Company. This has included a transition to Q-Fi wireless monitoring systems and the development of integrated sub-surface monitoring and sampling technologies. These capabilities are focused on our 4M strategy to Measure, Monitor, Manage and Mitigate as climate change and social governance gain greater momentum."
Chairman, Simon Ashton commented “This is our fifth transaction over the past 3 years. We are deal makers by nature, and there is undoubtedly more to come. It is particularly pleasing to foster genuine corporate entrepreneurial spirit within our company and see it culminate in this MBO transaction. We wish Tim, his team and his investors every success in the future.”