Tetra Tech acquires Proteus to access Australian growth markets
Large North American engineering company Tetra Tech announced today that it intends to acquire Perth engineering services firm Proteus EPCM Engineers in a strategic push to access growth markets in Australia, Asia and Africa.
Tetra Tech has 12,000 employees worldwide, 330 offices and has mining projects fee revenues of more than $200m in the mining industry annually.
It also has extensive global experience in water, environmental and energy projects, and intends to expand this capability into the Australian marketplace through the Proteus acquisition.
“This is an important step in the execution of Tetra Tech’s global expansion strategy,” said Dan Batrack, Tetra Tech’s Chairman and CEO. “Like Canada, Australia’s high growth economy is driven by strong demand for natural resources. This acquisition will serve as a gateway to new markets across Asia and into Africa. We plan to continue expanding our service offerings in Australia in each of Tetra Tech’s core markets’.
As an established player in Western Australia, Proteus has provided engineering design, procurement and construction management (EPCM) services for more than 25 years to mining, mineral processing and infrastructure sectors.
Proteus partners Lachlan Walker and David Sutton have been the owners of Proteus throughout, in one of WA’s longest contemporary partnerships in this industry.
“We see this as a great opportunity for growth”, they said. “It will strengthen our existing capability in the EPCM delivery of projects and expands our capability in water, environment and energy sectors”.
The Proteus Directors said the two companies are a strong fit and, importantly, have similar cultures, and complementary capabilities and client relationships. All key Proteus management personnel have committed to remain with the company.
“We have built a strong team, brand and business reputation over our two and a half decades of operations and it was important to protect these key advantages in any action to grow the company.” they said.
For Proteus, it also provides access to a broader international network of projects and people, including several engineering design centres in India and Asia. This will enable resourcing of WA projects with people from outside the high demand, high-priced Perth based HR market.
Proteus counts among its clients BHPB Iron Ore, BHPB NickelWest, Fortescue Metals, Newmont and TiWest. It has approximately 150 employees and annual revenues of approximately $40m.
The acquisition is expected to close in early August 2011, and the terms were not disclosed.
For further information please contact:
Mr David Sutton
Director, Proteus EPCM Engineers
T: +61 8 9481 3200
Ms Felicity Nuttall
Professional Public Relations
T: +61 8 9388 0944
M: +61 430 184 599
About Tetra Tech (www.tetratech.com) Tetra Tech (NASDAQ: TTEK) is a leading provider of consulting, engineering, program management, construction, and technical services addressing the resource management and infrastructure markets. The Company supports government and commercial clients by providing innovative solutions focused on water, the environment, and energy. With approximately 12,000 employees worldwide, Tetra Tech's capabilities span the entire project life cycle.
About Proteus EPCM Engineers (www.proteusgroup.com.au) Proteus EPCM Engineers provides engineering design, procurement and construction management (EPCM) services to mining, mineral processing and infrastructure sectors. As an established player in Western Australia, Proteus has delivered these services for more than 25 years. Proteus has revenues of approximately $30m - $40m and about 150 employees.