GLV Buys AJM Shares for $16 M
GLV Inc. has acquired all the outstanding shares of AJM Environmental Services Pty Ltd. of Sydney, Australia, which specializes in integrated technological solutions for industrial wastewater treatment and reuse, primarily for the food and beverage production and processing industry.
The acquisition transaction was settled by a cash consideration of $16.2 million, financed using credit facilities and the assumption of a $1.9-million debt relating to the building housing the company's Sydney-based headquarters.
Having achieved a 50 percent average annual revenue growth over the past three years, AJM recorded sales of approximately $16 million in its last fiscal year.
AJM is involved in other industries targeted by GLV's Water Treatment Group, including the energy sector.
GLV's President and Chief Operating Officer Richard Verreault said the acquisition helps his company better balance its revenues between the municipal and industrial segments.