Automotive Solutions Group (ASG) has made a strong start to integrating the eight businesses that it acquired as part of its initial public offer.
The company – which raised $30.9 million in its initial public offering – started trading on the Australian Stock Exchange (ASX) from December 21, 2016.
The acquisitions allow the company to offer a range of accessories and services to four-wheel drive, SUV and touring enthusiasts in Australia.
The various businesses under the group have already started to cross sell each other’s products and services as the company continues to focus on streamlining operations, the company says.
New contracts have been awarded, leading to the group’s forecast revenue for FY17 to increase by 7% to $42.7 million. Meanwhile, earnings before interest and tax (EBIT) is expected to increase by 8.3% to $6.5 million.
In Queensland, ASG now owns Roo Systems, which has built a nationwide network of 40 dealers offering suspension kits, exhaust systems, lights and servicing while in Victoria the company’s Barden Fabrications makes automotive parts.