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May 2019


Arowana completes sale of Thermoscan to ARA Group

Michael Hui

The Directors of Arowana International Limited (Arowana) are pleased to announce the sale of Thermoscan Inspection Services Pty Ltd (Thermoscan), Australia’s leading independent thermal inspection service provider to ARA Group Limited (ARA) for $6M. This represents a $3.4m profit on book carrying value and a multiple of invested capital (MOIC) of 3.8x.

ARA is one of Australia’s largest building and facility management services firms with annual turnover of $479M. ARA employs over 2,000 skilled people across 40+ offices in Australia and New Zealand.

We have owned Thermoscan since 2011 and it has delivered strong investment returns, both from an annual dividend income and capital gain perspective.  Much of this is due to the efforts of Kelly Alcorn, Thermoscan’s General Manager. For those who do not know, Kelly joined Thermoscan as a part-time bookkeeper and through her hard work and commitment took over as GM in 2015. She has also been a strong proponent of Rockefeller Habits and Scaling Up which has delivered results for Thermoscan year after year.

Kelly Alcorn, Thermoscan’s General Manager, commented, “We are looking forward to being part of the ARA Group and know that Thermoscan will be a great strategic fit. I would also like to thank Kevin, Michael and the rest of the Arowana team for their guidance, mentorship and support over the years.”

This was one of our key objectives for this financial year and we are very pleased, as it not only delivers a better than expected outcome but also importantly, provides a great platform for Kelly and team to further scale the Thermoscan business.

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