MELBOURNE, Dec 10 (Reuters) - CHAMP Private Equity, Australia’s oldest buyout firm, has appointed Macquarie Capital as adviser to consider a possible sale or float of its Golding mining services company, a source familiar with the situation told Reuters.
Golding, which a press report said could fetch up to A$400 million ($420 million), provides open-cut mining and civil works services for the resources, transport and construction sectors in northern Queensland state.
“It is very early in the process,” the source said, adding it was too early to say whether a sale or an initial public offering would be the preferred exit strategy.
CHAMP acquired family-owned Golding in 2008 for an undisclosed sum. At the time, Golding had annual revenue of more than A$350 million per annum and earnings before interest, tax, depreciation and amortisation of approximately A$50 million, according to the statement issued at the time.
CHAMP and Macquarie Capital declined to comment. (Reporting by Victoria Thieberger; Editing by Richard Pullin)