The shareholders of Acculec Group Pty Ltd (Acculec) have today announced they have agreed to sell 100% of the share capital in Acculec to Legend Corporation Pty Limited (Legend) to help Acculec continue its growth in the utilities sector.
Founded in 1984, Acculec specialises in the sourcing and distribution of quality branded products, consumables and services mainly to owners of electricity transmission, distribution and storage assets, as well as industrial and commercial customers. Acculec’s portfolio includes medium and high voltage insulators, arrestors, switches and line hardware customised for the Australian market. Acculec also distributes lightening protection and power quality equipment.
Anacacia Capital partnered with the management team of Acculec in 2015 to buy out the company with a focus on strengthening the product portfolio and core capabilities. Acculec Chairman Kevin Clarke commented “Anacacia have been outstanding cornerstone investors for the last 6 years that have added significant value on our journey including helping us to secure Legend as the new owners of Acculec.”. This successful sale to Legend follows the successful sale of the All Round Supplies division by Acculec to Metal Manufacturers in 2020.
Legend is market leading provider of electrical products and industrial solutions to the construction, infrastructure, data communications and power sectors across Australia and New Zealand. Legend is renowned for its product quality and world-class customer service. Through its Legend Power Systems business, Legend supplies a wide range of proven power electrical connectivity, special tools, jointing systems and electrical safety products to meet the diverse requirements of overhead and underground power transmission and distribution. Adamantem Capital privatised Legend in August 2019.
Legend CEO Gary Uren commented “We are pleased to be acquiring Acculec that fits well within the Legend portfolio. We congratulate and thank the Acculec and Anacacia teams for the opportunity to acquire a great business and for their professionalism in the process.
We are excited by the opportunity to combine Acculec with our growing utilities division. The merger should assist both businesses serve their customers and suppliers better with a deeper portfolio of products, an expanded national footprint and access to additional corporate resources.”.
Jeremy Samuel, Managing Director of Anacacia Capital, said: “the Acculec management team have been great for Anacacia to work with and together with Legend, they have the potential to achieve even greater things with the business. We wish all the best of success to Legend and Acculec and particularly thank the staff and all the suppliers and customers for their support of Acculec.”
Transaction advisors were Thomson Geer, Deloitte, PwC and Gilbert & Tobin.