IPD Group Limited (ASX:IPG), a leader in the Australian electrical market, is proud to announce its conditional agreement to acquire 100% of the issued shares of CMI Operations Pty Ltd, a subsidiary of Excelsior Capital Limited (ASX:ECL). This strategic move marks a significant step in IPD’s ongoing commitment to growth and innovation in the electrical sector.
Founded in 1991 in Sydney, CMI Operations has become a leading distributor and manufacturer in Australia, known for its electrical cables and plug brands. The company operates two main divisions: the Cable Division, which supplies electrical cables for major construction and renewable energy projects, and the Plug Division (Minto), renowned for its safety-focused couplers and receptacles in hazardous environments.
The acquisition of CMI Operations by IPD Group is poised to significantly enhance IPD’s market presence, merging complementary product lines, expanding customer and supplier networks, and adding valuable engineering and R&D capabilities. This strategic move capitalises on financial opportunities and aligns with the evolving energy landscape, positioning IPD as a leader in the Australian electrical market.
Michael Sainsbury, Executive Director and CEO of IPD, commented on the acquisition: “We see significant potential in combining the complementary businesses of IPD and CMI. CMI’s strategic alignment with our vision, particularly in leveraging the electrification of the Australian economy, makes this acquisition highly compelling. With CMI’s history of profitable growth and strong market positions in cables and plugs, coupled with the clear cultural alignment between our businesses, we anticipate significant revenue synergies and new growth avenues for IPD. We warmly welcome the CMI team to IPD and are enthusiastic about our extended partnership.”
This acquisition reaffirms IPD Group’s dedication to delivering innovative solutions and maintaining its leadership in the electrical industry.