MILCast sold to Gradian Group
Negotiations for the sale of Murray Irrigation’s prefabricated concrete business, MILCast, were finalised this week, with Gradian Group, a Shepparton based investment group, confirmed as the new owners.
Murray Irrigation’s Chairman, Phil Snowden, said the sale will see MILCast maintain its presence in Finley, with the new owners committed to retaining the businesses existing employees.
“It was important for us to find a new owner who was committed to the local community and who understood the importance of supporting local employment and investing in regional development. Especially given the pressures the ongoing drought is placing on farming communities.
“Once the sale is finalised, which is expected to be early next week, Gradian Group will take over sales, production and the completion of existing orders.
“Murray Irrigation will remain a customer of MILCast and will continue to support the business in the future. We encourage our shareholders to back the new owners, to further secure local employment and help the business prosper for the longer-term,” Phil said.
Deepak Singh, co-owner of Gradian Group, said the owners knew they had to buy MILCast as soon as the business was announced for sale.
“We started Gradian Group to support local contractors and enable them to become part of large infrastructure projects.
“Not only does the purchase of MILCast continue this philosophy, but given our experience in construction and the fact that we’ve used MILCast products ourselves, it really made sense from a commercial aspect as well,” Deepak said.
Mathew Ryan, Gradian Group co-owner grew up in regional Victoria and NSW and was motivated by the opportunity to invest in, and make a difference to, the local community.
“My family is a generational farming family from around Berrigan, Deniliquin and Shepparton, so I understand the importance of local business and what it means for local communities,” he said.
Murray Irrigation announced the sale of MILCast in October 2019, via an Expression of Interest. At the time, Murray Irrigation, said that it hoped the business would grow through new ownership by a specialised production and sales company and would allow Murray Irrigation to focus on its core water delivery function.
“The resulting sale of the business to another regional employer is a pleasing outcome which benefits all involved; Murray Irrigation, MILCast employees, the local community and of course the Gradian Group. We look forward to watching it’s continued growth,” Phil concluded.