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The deal gives Boom about a 33% stake in Queensland's crane market servicing the coal sector, an additional $10.4 million in annual revenue, and a 36-crane fleet, it said.
Boom estimates it holds 10% of the $900 million national crane services market.
Last month, Boom Logistics posted a $6.7 million profit in its first complete first-half financial statement since listing as a public company in October 2003.
The company reported a 101% increase on the previous corresponding period (which included just three months of reported income), on the back of a 90% rise in revenue to $59.4 million.
Managing director Rod Harmon said with a solid nucleus now formed on the east coast, the company was ready to stretch its capabilities in the burgeoning coal mining sector. Bowen Cranes has depots at Moranbah, Dysart, and Blackwater.
"We will continue our strategy of balancing organic growth and strategic acquisitions in a period of strong demand from the resources sector," he said.
"This acquisition will be earnings positive… largely funded from monies raised from last year's placement and share purchase plan," he said.
The purchase built on Boom's October 2004 buyout of Hunter Valley-based Bowers Heavy Haulage and Crane Service.
Boom's national fleet now stands at more than 350 cranes.
