De.mem buys Aussie industrial water firm Akwa-Worx
Published September 14th, 2017
Decentralised water solutions specialist De.mem, which listed on the Australian Stock Exchange earlier this year, has agreed to acquire 100% of Australian systems integrator Akwa-Worx for A$1.96 million (US$1.57 million), plus A$750,000 in staggered earn-out payments.
The deal provides an excellent avenue through which the venture capital-backed Singaporean firm can sell its proprietary hollow-fibre nanofiltration membranes – developed at Singapore’s Nanyang Technological University – into the Australian industrial market.
Akwa-Worx recorded EBITDA of A$800,000 on revenues of A$7 million in the year ending 30 June 2017. Under founder Shane Ayre, it has developed a strong presence in Australia’s mining and natural resources sectors, with core competencies in packaged wastewater treatment solutions such as membrane bioreactors.
Akwa-Worx is well established in Queensland, and De.mem’s plans for the combined group include expansion into Western Australia and China. De.mem already has experience in Vietnam and Singapore, and recently began marketing in Germany, Malaysia and Indonesia.