Ruralco buys more water businesses

Ruralco buys more water businesses

News
Aa

Ruralco has further expanded its irrigation portfolio.

Ruralco has further expanded its irrigation portfolio.

Aa
Travis Dillon, Ruralco chief executive.

Travis Dillon, Ruralco chief executive.

The farm supplies group is buying Irrigation Tasmania for $19.9m, Mildura Irrigation Centre in Victoria, and River Rain Irrigation in Renmark, South Australia.

It has announced a $65 million capital raising, to buy the water, financial services and rural businesses. 

Ruralco had previously bought Riverland Irrigation and Hunter Irrigation.

“We are pleased to have secured a portfolio of high quality business aligned with our Future Farming Strategy on attractive acquisition metrics,” Ruralco chief executive Travis Dillon said.

“Ruralco is well positioned to grow the business, with the focus remaining on balancing the execution of strategy with improvements in operating leverage, to ensure increased shareholder returns.”

Ruralco also announced the purchase of Sid Newnham Rural Supplies, which it added to its acquisition of TP Jones and Co, Tasmania, and 60 per cent of Great Northern Rural Services, Western Australia.

It had also bought a 50pc stake in Ausure Consolidated Brokers. 

Aa

From the front page

Sponsored by