WA transport firm SteelHaul up for sale


Buyers sought for all of the company's assets including fleet, equipment and property

WA transport firm SteelHaul up for sale
SteelHaul is still running but needs a buyer.

 

Australian advisory and investment firm KordaMentha is seeking buyers for Western Australia-based trucking company SteelHaul after it entered receivership on Tuesday.

SteelHaul is an integrated transport company offering specialised transport and logistics services for some of Australia’s and the world’s largest companies.

It specialises in delivering equipment across interstate destinations and regional WA including, Karratha, Dampier, Onslow, Cape Lambert, Cape Preston, Yandi, Woodie Woodie and Ashburton.

"The business presented exceptionally well despite its current financial predicament," KordaMentha partner Cliff Rocke says.

"SteelHaul has been impacted by the downturn in the resources sector while operating in a competitive sector with high fixed cost structures that cannot be easily reduced when revenue declines.

"Despite this setback, SteelHaul is a strong business, following a steep 35-year tradition with extremely loyal employees, customers and suppliers who are all supporting us through this process.

"The Group also has an excellent fleet of 33 prime movers, extremely well maintained and averaging four years’ old, and warehouse bonding facilities on its freehold property holding in Naval Base, strategically located near Perth’s ports and major transport routes.

All five of the firm’s offerings – container swinglift; shipping container import/unpack & export/pack; specialised logistics including road train and unique load service; warehousing and distribution; and general cartage and break bulk handling – are currently up for sale.

The company is seeking "genuine offers" to purchase the business as a whole or in part.

"We have stabilised the business and are conducting a sale process to realise its potential and ensure its continuing operation," Rocke says.

"There is business as usual, with the clientele and staff assisting in the process."

Offers are sought by July 8.

SteelHaul is yet another victim of a tough WA market that has in the past months seen the failure of other businesses such as Star Freightliners.

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