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Report: Crescent Capital mulls sale of water pipe maker Steel Mains

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Report: Crescent Capital mulls sale of water pipe maker Steel Mains

Australian private equity company Crescent Capital Partners Management Pty. Ltd. plans to sell water pipeline manufacturer Steel Mains, Reuters reported Oct. 4, citing two unnamed sources.

Crescent Capital has hired KPMG Corporate Finance to carry out a preliminary strategic review of the 150-year-old company that is set to be completed before Christmas, the sources told the news outlet.

Steel Mains, which Crescent Capital bought in 2015, had annual profits of A$100 million and EBITDA of about A$15 million, according to the report.

Crescent Capital will likely target overseas buyers, including private equity firms as well as Indian, Japanese and German companies that are looking to invest in critical infrastructure projects, according to the sources.

Capital Crescent is also looking to sell housing panels business New Zealand Panels Group for more than NZ$100 million, the report noted, citing The Australian Financial Review.

Steel Mains representatives did not return Reuters' requests seeking comment.

As of Oct. 4, US$1 was equivalent to NZ$1.58.