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Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance

Johns Lyng acquires majority Steamatic stake

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Johns Lyng Group has acquired a 60% interest in national restoration services company Steamatic Australia, providing it with increased local scale as the company also looks at further international growth.

Steamatic Australia, founded by Oliver Threlfall, employs 190 staff and operates in 39 locations, with 34 regional franchisees and five company-owned metropolitan locations.

Mr Threlfall has retained a 40% shareholding and will maintain day-to-day operational responsibility, along with his senior management team. He will also take a lead role in Steamatic’s international operations and franchisee relations.

Steamatic Australia will continue to run independently of the Johns Lyng Restorx restoration services business.

Johns Lyng says the $10.8 million deal consolidates its position in restoration services nationally and is a natural progression of its international expansion strategy following acquisition of the Steamatic Global Master Franchise in fiscal 2019.

At that time the company gained access to 11 international master franchise agreements and 39 US-based franchises.

“This created a strong platform for strategic international expansion of our restoration services offering, and we’re pleased to progress this strategy through the acquisition of Steamatic Australia,” CEO Scott Didier said today.

“The group remains firmly focused on our international growth strategy with further franchise and other acquisitions currently under assessment.”

The local transaction, effective from the start of this month, is expected to be immediately earnings accretive.