Management Resource Solutions PLC (AIM:MRS) entered into an exclusive agreement to acquire core assets from SubZero Group Limited for AUD 6.1 million on August 11, 2016. The transaction does not include, Labour Hire and Harness Master businesses and the 50% interest in the Moranbah Joint Venture. The consideration includes cash payment of AUD 1 million, AUD 0.5 million payable in cash 12 months after the date of completion, issuance of 7.2 million new ordinary shares and the assumption of approximately AUD 2.85 million. The deal is to be financed using existing bank credit lines including a AUD 4.2 million credit offer from Westpac Banking Corporation, subject to certain conditions. The acquisition is subject to a number of conditions including financing, assignment and/or novation of existing SubZero customer contracts to MRS and renegotiation and/or assignment of property leases on commercial terms. Completion of the transaction is anticipated to take place on or around September 30, 2016. The deal is value accretive, with an EV / EBITDA multiple of 2.0x - 3.0x. William Vandyk and David Hignell of Northland Capital Partners Limited acted as financials advisor and broker, Charles Goodfellow and Lucy Williams of Peterhouse Corporate Finance Limited acted as brokers and Edward Westropp and Adam Cubbage of FTI Consulting acted as public relations advisor for MRS. Ryan Eagle and Morgan Kelly of Ferrier Hodgson and Philip Campbell-Wilson and Adam Nikitins of Ernst & Young acted as receivers for SubZero Group. RFC Ambrian Limited acted as financial advisor for MRS. Herbert Smith Freehills acted as a legal advisor to SubZero Group. Management Resource Solutions PLC (AIM:MRS) completed the acquisition of core assets from SubZero Group Limited on September 30, 2016.