Fleetwood's acquisition of Modular Building Systems
Fleetwood Corporation Limited (ASX:FWD) is a Perth based designer, manufacturer, and supplier of accommodation for the affordable housing, education, and commercial markets and an operator of accommodation villages.
MBS is based in Sydney and specialises in the manufacture and installation of prefabricated modular buildings, with a particular focus on the supply of modular prison cells to the NSW Government.
On 8 August 2018, Fleetwood completed the acquisition of MBS for $34.15 million plus a potential earn-out.
Fleetwood engaged BDO teams in Sydney, led by Daniel Coote, and Perth, led by Carl Di Lorenzo, for financial and taxation due diligence.
“The Board of Fleetwood Corporation Limited engaged BDO to provide financial and taxation due diligence regarding the acquisition of MBS. This is the first time that we have used BDO for an acquisition and we were really impressed by the quality of the work and the level of interaction with Daniel and Carl’s teams. BDO provided us with a strong commercial view of the performance of MBS and technical insight into accounting issues relating to the acquisition. We wouldn’t hesitate to recommend BDO for this type of work.”
Andrew Wackett, CFO, Fleetwood Corporation Limited