Coventry Group (ASX:CYG) acquires Tasman-based hydraulic equipment provider

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Industrial solutions provider Coventry Group (ASX:CYG) has sealed a deal to acquire Fluid Power Services (FPS) for $2.1 million.

FPS specialises in producing hydraulic equipment and has operations in Tasmania. The company generated a total revenue of $4.9 million and adjusted EBITDA of $1.2 million in the previous financial year. The acquisition is expected to bolster Conventry’s presence in Tasmania and diversify non-mining outlets.

Shares in Coventry Group (ASX:CYG) closed 0.4 per cent higher at $1.16 
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Source: Finance News Network