After gauging interest amongst potential buyers in January, privately-owned outfitter Unispace is set to be the latest in a series of acquisitions made by private equity firm CHAMP.
Specialising in office fit-outs and renovations, Sydney-based Unispace has amassed a client list featuring the likes of Coca Cola Amatil, Deloitte and Deliveroo, since the company was founded in 2010.
CHAMP’s transaction to acquire the business would give Unispace a valuation of approximately $500 million. Annual earnings are estimated to be between $40 and 50 million.
Ernst and Young, long-term adviser, was brought on to run the investor search earlier this year by Unispace shareholders, mostly made up of executives and senior management. The business is run by brothers and co-founders, Charles and Gareth Hales.
Funds for the transaction are expected to come from the capital CHAMP raised in 2017 – the $735 million “CHAMP IV” fund – which has been used to acquire other companies across industries like defence contracting and stem cell research.
Unispace is expected to use the boost in funds to support its plans for future growth. They currently hold 30 offices across the globe.
The office renovation market in Australia is currently worth approximately $4.6 billion, with most spaces undergoing works every 6 years. The US market is worth a staggering $80 billion, where Unispace will face competition in Nelson, Studios and Gensler.
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