Foreign aid consulting firm Palladium, once a part of Kerry Packer’s empire, was up for sale via UBS.Palladium Holdings, a foreign aid consultancy owned by the Packers’ Consolidated Press for nearly two decades, has been sold to American engineering group Global Infrastructure Solutions Inc in a deal valuing it at $US280 million .
Chairman Kim Bredhauer and CEO Christopher Hurst had about half of Palladium’s equity, while the rest was split among 84 shareholders who were mostly employees and their related parties. Consolidated Press sold Palladium in a management buyout in 2009., conducting what chairman Bredhauer told shareholders was “an extensive global search for a new cornerstone shareholder to support the next phase of growth”.
The scheme documents revealed some interesting information about Palladium, whose biggest client in Australia is the Department of Foreign Affairs. Its net profit increased nearly four times in the last three years, as it continued to win more work during COVID-19.After taking out costs, the business made $32.9 million in net profit.
It told investors it was tapped for donor work by both United States Agency for International Development and its British counterpart, Foreign, CommonwealthDevelopment Office . Also in the pandemic, it won a bid to deliver for the UK government’s Restart program, which supports people returning from long-term unemployment into the workforce.
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