M&A Partners engagement with the Voluntary Administrators of Probuild Constructions

Friday, 20th May 2022

Probuild Constructions

In February 2022 M&A Partners were engaged by the Voluntary Administrators (VA) of Probuild Constructions to assist the Administrators in developing options for Probuild including divestment of whole or part of the Probuild business within the limited time frame specified by the VA.

M&A Partners were responsible for introducing the Probuild opportunity to Roberts Co, a Sydney based construction company owned by Andrew Roberts of ex Multiplex. 

Roberts Co subsequently engaged with the VA, and following a period of exclusivity for due diligence, executed an Asset Sale Agreement in early April 2022 to assume staff, associated entitlements and the novation of specific construction contracts. This transaction with Roberts Co was completed in a short time frame and was expected to save over $100 million of potential creditor claims, and avoid substantial liquated damages risks from ongoing project delays.
Probuild and its related entity WBHO Infrastructure both appointed a VA in February 2022 following the withdrawal of financial support from the parent company WBHO Ltd. Probuild had a 40 year history in Victoria and was considered a Tier 1 builder. At the time of the appointment of the VA Probuild had c.$800m+ of projects under construction and employed over 200 staff.