Restructuring engagement for the Voluntary Administrators of Probuild Constructions

In February 2022 M&A Partners were engaged by the Voluntary Administrator (VA) of Probuild to assist the Administrators in undertaking a range of solutions that could involve a corporate restructuring, capital raising, an asset or business sale and other possible options including divestment of whole or part of the business. M&A Partners role was to assist the Administrators of the Probuild Group under the direction of the VA and / or the Partner M&A Advisory at Deloitte to manage the sale of business process and advise and assist potential bidding parties to complete due diligence and facilitate access to relevant information such that a successful sale can be completed within the time frame specified by the VA.

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.

M&A Partners engagement arose as a result of its prior association with the shareholders of Probuild. M&A Partners were responsible for introducing the opportunity for recapitalisation of the business to Roberts Co, a Sydney based construction company owned by Andrew Roberts of ex Multiplex. Andrew Roberts subsequently engaged with the VA and executed an Asset Sale Agreement in early April 2022 to take over the staff and certain construction projects. The transaction will provide Roberts Co with a base in the Melbourne market.

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