Home / Corporate / Johns Lyng strata buy boosts growth aims
19 August 2019
Johns Lyng Group has bought a controlling stake in Sydney-based strata and facilities management business Bright & Duggan in a deal it says is a “game changer”.
The group will pay $13.8 million cash for a 46% equity stake and 51% voting interest in the business, which has 14 offices across four states and territories and more than 220 full-time equivalent staff.
“Leveraging the Bright & Duggan business portfolio to cross-sell and grow Johns Lyng’s other core service offerings, including emergency and scheduled repairs, and maintenance and building, is the key to this acquisition,” CEO Scott Didier said.
“It will allow for national expansion, both organically and through further acquisitions.”
The firm has more than 55,000 strata titled units under management across more than 1500 strata schemes.
Co-founder Phil Duggan will retire from the business while Executive Chairman Trevor Bright and MD Chris Duggan will retain residual equity and key management roles.
The deal is expected to contribute revenue of about $31 million and earnings before interest, tax, depreciation and amortisation of about $4.5 million for Johns Lyng in the current financial year.