The sale of Pit n Portal to Macmahon allows Emeco to get back to its knitting and provides Macmahon with an opportunity to build underground scale for a minimal $10M outlay. The deal is structured to let Macmahon maintain focus on free cash flow, reduced capital intensity, and lower leverage. The risk is uncertainty around the future performance of the acquired contracts, but they are worthy of Macmahon’s efforts in our view.
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