Tobin sells majority stake in Terrex Seismic to Allegro
WA businessman Steve Tobin has sold a majority stake in his seismic survey business, Terrex Seismic, to private equity group Allegro.
Mr Tobin, who also owns Yallingup's Aravina Estate winery with his wife Hayley, will remain with Terrex as a shareholder and executive director.
Terrex provides 2D and 3D seismic, GPS surveying and geophysical processing services to the resources and government geoscience research sectors.
Perth's Azure Capital advised Mr Tobin on the deal, terms of which were not disclosed.
Allegro managing director Adrian Loader said Terrex had maintained its market share, despite exploration cutbacks in recent years.
"Allegro's investment will enable Terrex to invest in new autonomous nodal technology to provide its customers with world's best-practice subsurface seismic imaging technology solutions across the resources sector," Mr Loader said.
Allegro, which also owns Great Southern Rail, last year invested in another resources services business, drilling company JSW.
"It is a sector that currently suits our turnaround investment style as there are opportunities to partner with established companies with strong fundamentals but caught in a deep cyclical downturn," Mr Loader said.
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