Anacacia Capital investee infrastructure advisory and project management business Root Partnerships is to make a bolt-on acquisition of InfraSol Group.
The acquisition of the smaller company will create a 160-plus employee business with offices in Sydney, Melbourne and Brisbane.
According to Root Partnerships, the acquisition will broaden the company’s breadth and depth of service offerings.
InfraSol Group primarily focuses on road, rail and water infrastructure, which complements Root Partnerships’ focus on social, commercial and transport infrastructure.
Root Partnerships’ chief executive David Gundy will lead the combined business. InfraSol Group’s chief executive Sam Cook will continue to lead the services currently provided by the InfraSol team and will join the Root Partnerships board.
Gundy said: “We can now offer integrated advisory and project management solutions across the entire infrastructure spectrum.”
Cook said: “We welcome the expanded growth and development opportunities for our teams and look forward to supporting our clients with a broader range of skills and services.”
Root Partnerships was founded in 1994 and InfraSol Group in 2007.
Growth capital firm Anacacia made an unspecified “major” investment in Root Partnerships in 2019 from its 2018 vintage, $300 million, Anacacia Private Equity III fund. Anacacia seeks to invest in established and emerging small to medium sized businesses typically with annual revenues of $20 million to $300 million and annual revenues of at least $5 million.
Image: David Gundy and Sam Cook.