Australian national surveying conglomerate, OTOC has further strengthened their positioning for the Sydney development market by entering into an agreement to acquire Lawrence Group Pty Ltd. OTOC will acquire the Sydney-based surveying consultancy for$3.85 million and $1.0m in OTOC shares. OTOC also acquired Sydney-based Linker Surveying in March 2016.
The latest acquisition of Lawrence is highly complementary to OTOC’s surveying capability in New South Wales (Geo-Metric and Linker Surveying) and consistent with OTOC’s national surveying strategy. The combination of Lawrence, Geo-Metric and Linker Surveying, establishes OTOC as a leader in the Sydney surveying market with strong exposure to property and infrastructure investment.
Established in 2003, Lawrence is a multi-disciplinary surveying consultancy with expertise in residential and commercial construction, civil infrastructure and land development. Lawrence has developed a blue-chip client base across each of its service capabilities, including Lend Lease, Thiess, Parkview, Richard Crookes and NSW Roads and Maritime Services (RMS).
Lawrence is well positioned to benefit from anticipated growth in the New South Wales economy and ongoing investment in property and civil infrastructure, including the Western Sydney corridor. Lawrence has secured work on a number of key projects including NorthConnex, Darling Square, Northern Beaches Hospital and Lane Cove.
The founder of Lawrence, Shane Lawrence, will enter into a long-term employment contract with OTOC and continue to manage the business.
“We at the Lawrence Group share the vision of OTOC and have mutual clients which makes for a very compelling proposition to the NSW market at it undergoes significant investment in property and infrastructure development,” Shane Lawrence said. “With access to OTOC’s national client network, fellow industry experts and financial resources, we will continue to offer a superior level of service to our clients.
“We are excited and motivated by this opportunity and believe it will offer considerable value to our clients and staff.”
Commenting on the Acquisition, OTOC CEO Simon Thomas said, “the acquisition of Lawrence Group is significant in OTOC’s national strategy, positioning OTOC as a market leader in New South Wales given the combined scale and expertise of Lawrence, Geo-Metric and Linker.
“Shane Lawrence and his team are highly regarded within the industry and bring significant experience across the property, construction and infrastructure sectors. I look forward to working with the team and supporting the exciting growth outlook for the business.”