Canning Vale contractor Hagstrom Drilling has expanded its east-coast presence with the acquisition of Sydney-based Australian Barge Hire.
The target company is a leading provider of road transportable jack-up barges, and is expected to add about $10 million to Hagstrom's annual turnover.
Hagstrom, which won Business News' 2012 Rising Stars award, is a privately owned drilling contractor with experience covering geotechnical and environmental drilling, cone penetration testing and marine services.
The Australian Barge Hire fleet includes four modular jack-up barges, which adds to Hagstrom's own marine assets of a jack-up barge and a purpose-built landing barge.
In addition, Hagstrom has 16 drill rigs, three probing units, and an extensive fleet of support vehicles.
Hagstrom, founded by managing director Paul Musca, said the combined entities would form the largest privately owned jack-up barge hire business in Australia.
About 15 operational staff will join Hagstrom, while head office and administrative functions will use Hagstrom's existing resources and systems.
Hagstrom utilised Canning Vale-based accountants Brealey Quill Kenny to provide financial support and relevant due diligence relating to the acquisition.
Hagstrom won the Rising Stars award after doubling staff numbers to 80 over the three years to June 2012.
While its core business is geotechnical drilling, Hagstrom diversified its offering when it bought a business that operated an alternative soil-testing technique called cone penetration testing.
Its marine equipment gives it the ability to service near-shore projects like jetty construction, marinas, ship-loading facilities and pipelines.
