The boss of Tasmea says the maintenance and engineering group spurned private equity buyout offers because it would have been a “breach of faith” for company culture and aspirations to become an ASX industrial champion.
“Private equity operators generally have aspirations to grow quickly and sell. Selling to private equity is kind of nearly a breach of faith to the journey we’ve been on,” he said.About 100 potential acquisitions are looked at annually by Tasmea, which has a strategy of organic growth topped up by bringing new businesses into the fold.“Eighty get to the bin pretty quickly,” Mr Young said. “We buy to grow, we don’t buy to sell.
Mr Young said the group had toyed with a potential float last year but “the IPO market was ice cold”.
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