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Australian private firm hires Macquarie for sale that could fetch $1.5 billion

Reuters  |  SYDNEY 

(Reuters) - BGC, one of Australia's biggest privately owned companies, said on Tuesday it has hired to find a buyer for the business, in a possible deal that said would be worth about A$2 billion ($1.5 billion).

BGC, or Buckeridge Group of Companies, was entirely owned by its founder, Leonard Buckeridge, since he started it in 1960 and came to dominate residential and commercial construction in Western state.

After Buckeridge died in 2014, the company went to his family. reported earlier this year that the family wanted to sell the business to resolve a dispute, but they have now hired an to help with that process.

"has been appointed as and will provide strategic advice on the planning of the group of companies' ... strategy across the sales process and future negotiations," a spokeswoman said in an email.

She did not respond to a question about that the sale was expected to fetch about A$2 billion.

BGC's business units span residential and commercial construction, building products, contract mining, engineering and property management, and generate more than A$2.5 billion in revenue, the company says.

($1 = 1.3548 Australian dollars)

(Reporting by Paulina Duran; Writing by Byron Kaye; Editing by Muralikumar Anantharaman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 14:52 IST