Whangarei-based construction company McBreen Jenkins has been sold to Australian company Transfield Services for $24.2 million.
The company, which has branches in Whangarei, Kaitaia, the Bay of Islands, Dargaville, Coromandel and Tauranga, was founded in 1939.
It has its head office in Whangarei.
The purchase includes McBreen Jenkins' Far North water infrastructure subsidiary,
Impact Services.
Transfield has spent $47 million in the last year in expanding its roading business, including the purchase of three Auckland, Waikanae and Lower Hutt companies.
Annualised revenue from the businesses would be about $118 million, said Transfield NZ chief executive Graeme Sumner.
McBreen Jenkins' business covered roading maintenance, quarrying, civil construction and water utilities maintenance. Customers included local government agencies, Transit New Zealand and private clients.
Impact Services provided water and wastewater services and car ferry services on Hokianga Harbour to the Far North District Council.
The two companies employ about 470 staff.
The purchase is subject to regulatory approvals from the Overseas Investment Office.
Transfield Services has more than 23,000 employees in Australia, New Zealand, the United States, the United Arab Emirates, Qatar, South East Asia, India, and Canada.
McBreen chairman David Booth said it was in the firm's best long-term interests to allow new blood and extensive resources to take McBreen Jenkins into a new era of prosperity.
