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Centurion Group announces completion of sale of Centurion Canada Infrastructure

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Centurion Group (“Centurion” or “the Group”), a global leader in the supply of specialist rental equipment and services to critical industries, announces the completion of the sale of its legacy construction business Centurion Canada Infrastructure, formerly SITE Resources Group (“SITE”), to the Hillcore Group (“Hillcore”).


The divestment of SITE is a continuation of Centurion’s strategy and wider growth plan, supporting the Group’s ambition to focus on expanding and developing its core rentals and services offering across a diverse range of customers. Under Hillcore’s stewardship, SITE will continue to grow and maximize its full trading potential.


SITE has seen significant growth over the last four years, with EBITDA increasing c.239% from 2020 to 2023. The divestment proceeds will be used to accelerate Centurion’s wider growth strategy, both organically and by further acquisitions, and for future distributions to Centurion shareholders.


SITE is a specialist integrated services construction business that delivers remote access, environmental and infrastructure services, and maintenance across multiple industries in Western Canada.


Hillcore is a leading independent Canadian investment firm, investing predominantly in the real estate, seniors living, logistics, industrial, forestry, and energy sectors.


Fernando Assing, CEO of Centurion, commented:


“This is a transformational transaction for Centurion and will allow for a greater focus on rental and services globally, while placing our infrastructure business with a new owner that will support the business to reach its maximum potential.


“SITE has undergone a significant evolution over many years, allowing it to reach record breaking performance and financial results. It is now time to allow this platform to take advantage of the favorable market conditions in Canada under new ownership.

“I would like to extend my sincere thanks to the entire SITE team for their years of hard work, commitment, and dedication. We wish our former colleagues the very best as they embark on this new chapter.”


Greg Tedesco, Managing Director & CFO of The Hillcore Group, added:


“We are very happy to be completing this transaction. SITE is a first-class operation led by a top-notch team which will be a great fit with Hillcore’s other industrial businesses. We look forward to supporting SITE as they realize on their growth plans in the years ahead.”

 

About Centurion Group


Centurion is a global leader in the supply of critical services to the oil & gas, infrastructure, power, environmental and renewable energy industries. It combines the scale and the breadth of offerings in five main regions: the US, Canada, UK, Europe & Caspian, Middle East & North Africa, and Asia Pacific, with strong local presence in key energy markets to deliver value to customers around the world.


For more information, please visit www.centuriongroup.co.uk

 

Published: 13-05-2024

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