Downer EDI buys Tenix Holdings

Utility asset manger, Tenix Holdings, has been bought out by Downer EDI Limited (Downer Group)  Australia Limited.

Tenix provides services to owners of gas, electricity, water, wastewater and industrial assets across Australia and New Zealand.

Tenix Chairman, Paul Salteri said, “The decision to sell the business to Downer Group has been difficult for shareholders, as we believed the business is well positioned in its markets to take advantage of exciting growth opportunities. Our decision to change from our strategy to raise external capital funding via either an equity sell-down or IPO was a difficult one but ultimately in the best interests of the company and the employees”.

Mr Salteri went on to say “Downer Group is a leading Australia player in the engineering and services sector, and it is my understanding in discussions with their CEO that they will be looking to Tenix as a strategic growth platform into the power, gas & water sectors. Accordingly this will create exciting opportunities for all Tenix staff”.

He thanked all Tenix staff for their support and loyalty, and for their hard work and dedication in building a great company.

“Tenix employees have shown fantastic commitment to building the company as a leading sustainable infrastructure solutions, services and delivery partner,” Mr Salteri said.

“On behalf of the shareholders and the Board of Tenix Holdings Australia, I extend my warmest thanks to them all and my best wishes for the future,” Mr Salteri said.

Tenix’s roots go back to 1956, when Italian-born engineer, Carlo Salteri, co-founded Transfield, which became one of Australia’s most successful construction companies.

In 1997, the Salteri family formed Tenix, and in 1999 Tenix entered the utility infrastructure services businesses with the acquisition of Enetech.

Through acquisitions and organic growth Tenix has expanded its capabilities, and today provides services across Australia, New Zealand and the Pacific, employing over 1,600 industry specialists based across more than 90 offices, depots and operational sites.