Sale or IPO on the cards for refurbishment specialist Shape
9 September 2020, Written by Business News Australia
Australian fit-out and refurbishment specialist Shape (formerly known as ISIS) is looking for a buyer or an ASX listing to strengthen its market position, 30 years after launching.
Announced today, the company says it is exploring several liquidity options including an IPO or a sale to a strategic or financial buyer.
The move comes after the company received a number of unsolicited approaches from interested buyers, leading to Shape appointing Moelis Australia to shop the business around.
The company hopes whatever path it goes down will lead to a new era for Shape, supporting management growth initiatives, strengthening its market position by taking advantage of a disrupted market, and creating future opportunities for employees.
"We are proud of how the business has grown after its inception during the recession of the late 1980s," said Gerard McMahon, one of Shape's founders and a non-executive director.
"We built the business on a philosophy of delivering superior customer outcomes by attracting and retaining the best people in the industry. We have developed an organisational culture that ranks in the top ten per cent of companies globally, and it drives our industry-leading performance metrics.
"We have had a number of professional investors on our share register over our thirty years in business, and these experiences have always been beneficial to Shape's growth and development."
Since its founding in 1989 the company has become a national success story, with a presence in all mainland states and territories and a track record of financial growth over the last 30 years.
The company employs more than 400 people, and recent projects include fit-outs and refurbishments for IBM, Amazon, Intercontinental, and the University of Sydney, as well as a State Library of NSW restoration project (pictured).
"Shape has maintained strong financial performance for 30 straight years by taking the best parts of a public company model," said non-executive chairman of directors Phil Arnall.
"Shape has an independent Board of Directors, strong risk management principles, and executed a carefully planned expansion which resulted in it becoming the only company in its market to have a national footprint.
"The Company is well-positioned to capture identified growth opportunities and support financial initiatives that would maintain an attractive dividend stream for investors."
Business News Australia
Author: Business News Australia