Johns Lyng ups stake in Bright & Duggan

Johns Lyng ups stake in Bright & Duggan

26 August 2022

Johns Lyng Group has raised its equity interest in Bright & Duggan to become the largest shareholder in the Sydney-headquartered strata and facilities management business.

The listed building service provider says it has completed the acquisition of retiring Executive Chairman Trevor Bright’s 44.5% interest in the business for $25.6 million, comprising of $15.4 million cash and $10.2 million in Johns Lyng shares.

Johns Lyng now owns more than 90% of the business, having previously taken a 46% stake in 2019 for $13.8 million.

“Continuing our expansion into the space remains a strategic priority for [Johns Lyng], representing a compelling investment and growth opportunity with significant opportunities for additional revenue,” Group CEO Scott Didier said.

“We’ve made impressive progress within the strata space over recent years, and we look forward to continuing to do so into the future as we explore opportunities for consolidation and growth.”

Johns Lyng says the acquisition is expected to be immediately earnings accretive.

The business says Chris Duggan will continue in his role as Bright & Duggan MD and thanked Mr Bright for his contributions to the company.

“Mr Bright is a true leader who has left a lasting legacy on the strata sector,” Mr Didier said.

“[Mr Bright], along with [Mr Duggan] and the team they’ve developed, share a passion and ambition that helped to make Bright & Duggan a true leader in the strata space, with strong brand equity and a diverse client base.

“It was these characteristics that made the business such an appealing acquisition for JLG when we sought to enter the strata market in 2019.”