Rivet rises from the ashes of McAleese


New incarnation sees slimmed down version emerge

Rivet rises from the ashes of McAleese
McAleese is now Rivet

 

McAleese has died but been resurrected as a three-segment group under the name Rivet.

The services are heavy haulage, specialised transport, logistics and lifting and the segments are Rivet Mining Services, Rivet Energy and Refuel International, according to the new Rivet website to which the previous McAleese web address leads.

These corresponding roughly to the main services rescued from its previously listed incarnation.

Mark Rowsthorn is the MD and CEO, while Philip Tonks is chief operating officer. Tonks was the McAleese realignment project director who became its Oil and Gas Division general manager. He was with Toll and Asciano previously.

The development follows deals over deeds of company arrangement (DOCAs) that were agreed to before Christmas.

There is no mention of linehaul or general freight, the diversification McAleese undertook two years ago when buying WA Freight Group.

It is understood WA Freight Group was a going concern as part of the pre-Christmas negotiations.

Refuel International is the former Sunshine Refuellers and was not part of the DOCAs’ process.

The aviation refueling vehicles and systems developer based in the Melbourne suburb of Sunshine exists in the new firm under the new name.

The Australian Financial Review quoted McGrathNicol administrator as confirming the restructuring was complete ahead of time and that it had been a "very efficient process with a good outcome".

The newspaper states that the heavy haulage and lifting businesses would not be kept.

But the Rivet website contains a related image and Rivet Mining Services section includes them.

"Our new operating structure provides us with the ability to diversify our offering (commodity, customer, geography) as we now have the ability to partner and offer additional value added services such as crane hire, heavy haulage services, fuels, road maintenance, stockpile management, quarry services," it says.

ATN is awaiting responses to its calls from Rivet.

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