FinTechFunding

Coventry Group: Acquires Fluid Power Services for $2.1M

  • 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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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