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Coventry Group: Acquires Fluid Power Services for $2.1M

April 9, 2021

Coventry Group (CYG) set to acquire Tasmanian-based hydraulic equipment company Fluid Power Services (FPS)
The company will buy FPS for $2.1 million in cash, which will funded through a recent financing facility with banking giant NAB (NAB)
Coventry believes the acquisition will highly complementary to its business as FPS boasted $4.9 million in the 2020 financial year
Additionally, FPS will allow also Coventry to expand its presence into Tasmania
The acquisition is subject to certain conditions which expected to completed by April 30
Coventry’s shares are trading flat at $1.17