Ashley Services Group Ltd. (ASH:ASX), a labour hire firm based in Sydney, Australia, agreed to acquire Owen Pacific Workforce Pty. Ltd., a provider of seasonal workers to the Australian horticultural industry. Owen Pacific’s workers are predominantly sourced from Tonga and Vanuatu.

The acquisition price for a 100% stake is expected to be between AUD 14.2 million (USD 10.0 million) and AUD 15.0 million (USD 10.6 million) based on EBITDA for the financial year ending 30 June 2023. EBITDA is expected to be between AUD 4.1 million (USD 2.9 million) and AUD 5.0 million (USD 3.5 million).

“The acquisition of OPW is a significant expansion opportunity for Ashley, broadening both our sourcing options for labour and our industry sector coverage,” Ashley Services Group CFO and Executive Director Paul Brittain said. “OPW has a strong management team and proven track record, and we believe the backing of Ashley Services will place OPW in a stronger position to convert growth opportunities in other industry sectors from its already well-established horticultural base.”