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Dynamic Group Holdings (ASX: $DDB) acquires Airwell Flow Testing division

Dynamic Group Holdings (ASX: $DDB) Acquisition Announcement


Dynamic Group Holdings Limited (ASX: $DDB) has announced the acquisition of 100% of Airwell Flow Testing, a division of Airwell Group Pty Ltd. The acquisition is highly complementary to Dynamic's existing Welldrill business, providing additional deployments for both existing and acquired fleet. The total consideration for the acquisition is A$2 million, with A$1.5 million cash payable upon completion in February 2024 and A$0.5 million cash payable in August 2024.

Executive Commentary on Acquisition


Dynamic Group CEO, Geoff Newman, expressed excitement about the acquisition, highlighting the identified organic growth opportunities and synergies with the existing Dynamic business. He emphasized that the acquisition bolsters the offering of Dynamic's water-well business, Welldrill, and provides a foothold in the growing flow testing industry with lower capital intensity than existing drilling operations. Newman also mentioned an accelerated integration of Airwell Flow Testing within Dynamic.

Summary of Acquisition and Outlook


Dynamic Group Holdings' acquisition of Airwell Flow Testing division is set to enhance its water services capabilities, providing additional earnings diversity across the company. The acquisition is expected to bring material synergies with the Welldrill business and offers opportunities for organic growth. With the completion of the transaction planned for February 2024, Dynamic aims to leverage the expertise and proprietary technology of Airwell Flow Testing to further strengthen its position in the flow testing industry. The acquisition aligns with Dynamic's commitment to quality service provision and continual improvement initiatives, reflecting the company's strategic focus on expanding its service offerings and driving growth.

Sourcehttps://announcements.asx.com.au/asxpdf/20240117/pdf/05zhn83k4q30h5.pdf

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