About Us		Track Record		The MAC Services Group

Case studies

The MAC (ASX:MSL), based in Sydney, Australia, was founded by Kevin Maloney in 1996
Provides accommodation services to the coal mining, construction, resources and tourism industries
Vertically integrated company with manufacturing, installation and operating services all performed internally
Developed leading market position with a strong client base consisting of some of Australia’s largest corporations
From FY2003 to FY2010, revenue and profitability grew at CAGRs of 45% and 59%, respectively
The MAC went public in April 2007 with a market capitalisation of A$210 million
In November 2007, Mark Maloney was appointed COO with the view of transitioning to CEO. He took over as CEO 12 months later and under his leadership the company grew from a private family business to one of the best performing stocks in the ASX 200
Announced takeover by Oil States International on 15 October 2010 valuing company equity at A$651 million

Invested A$100,000 in 1996 for 100% of the company.
Acquired by Oil States International in December 2010 for A$3.90 per share
- Equity value A$651 million on fully diluted basis.
- Controlled 52% of the Company prior to sale, valuing stake at A$338 million.

Realised IRR of 59% at IPO, or ~185x return, without taking into consideration the remaining 52% equity ownership.

IRR of 76% over life of investment through to sale in 2010, 3,561x initial investment

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