Acquisition forms part of a wider national strategy for NQ, with more to come this year.
Brisbane-based heavy haulage and crane hire specialist NQ has acquired the name and rival businesses of central Queensland based CQ Group.
The transaction took effect from January 12, with all heavy haulage and crane assets and staff joining the larger buyer.
NQ Group director Brendan Webb says the acquisition gives the company an important footprint in central Queensland.
Indeed, the company’s Mackay office has already merged with the former CQ headquarters in Nebo, 93km inland, under a single, combined management team, led by former CQ general manager David Collins.
“We’re not changing the service, or the people,” Webb says.
The new owner will be bringing the CQ Group into its successful compliance and quality assurance framework.
“As part of the acquisition, we have retained the capability of CQ Group’s key employees, equipment and customer service and added the resources, quality and compliance framework of NQ Group to form a stronger more efficient business,” he adds.
Webb notes that the purchased business divisions – of ultra-heavy haulage, heavy haulage, and cranes – provide strong synergies with NQ’s existing fleet and capabilities.
“We believe the acquisition is a natural progression for our company and aligns with NQ Group’s growth strategy,” he says.
That strategy is an ambitious one, encompassing national growth through both acquisition and new projects.
Webb hints that a number of joint ventures may also be on the cards as the company expands into “two states”, presumably Western Australia and South Australia.
“This [national expansion] won’t necessarily be through conventional strategies, but possibly through things like a joint venture,” he says.
CQ Group managing director Jason Cox says the he was happy to sell the name and relevant assets to the larger rival, and is now concentrating on the larger bulk haulage and quarry businesses that have remained with the company, since renamed to Cox Group Holdings, or CGH.
That company is continuing its operations from both the Nebo facility – part of which is being leased back to NQ Group – and its depot in Port Hedland, Western Australia.