Murphy sells share in Australian infrastructure business
Contractor Murphy has sold its 50% stake in its Australian infrastructure arm as part of its long-term business strategy.
The stake in Murphy Pipe & Civil (MPC) has been sold to Viburnum Funds/SCF Partners.
MPC is now one of Australia’s leading contractors in the natural resources, mining and energy sectors, employing more than 450 people.
Murphy said the sale “realises a multiple return on the initial investment” and the firm is now looking for other opportunities in Australia and New Zealand.
Proceeds from the sale will be re-invested to further develop the Murphy business to deliver its 10- year plan and to grow turnover to £2bn by 2025.
Chief executive, Steve Hollingshead said: “The success of MPC shows just what a contribution Murphy expertise and ethos can make to a successful partnership.
“We leave behind a strong legacy that we are proud to have been part of, and we are confident that our friends and former colleagues remaining with MPC are well placed to continue to deliver for their customers.
“Delivering world class infrastructure is what we do well, and while the time was right for us to sell our stake in MPC, we are now looking forward to future investments.
“We are actively pursuing investments in development, infrastructure assets, new product launches and acquisitions which complement our existing areas of expertise.”