Boss Engineering has signed an agreement for Alceon Private Equity to become a 50 per cent owner of its engineering company, which is based in Inverell, northern NSW.
Alceon Group is a financier and multi-strategy alternative investment manager with a focus on investing capital for individuals and institutional clients spanning across various asset classes including real estate, private equity, credit and liquid market strategies.
The partnership deal marks the first institutional capital to assist Boss Engineering in delivering its next stage of growth.
Boss Engineering Pty Ltd was formed in 2007 and early intentions were to produce truck bodies but the market pushed the company in other directions, including servicing the expanding agriculture and transport sectors.
Over the years Boss Engineering has adopted the latest engineering and manufacturing techniques and its workshop is now 30,000 square metres, employing more than 220 people.
In 2011, Boss launched its own line of agriculture machinery, under the name Boss Agriculture including broadacre planters, row crop machinery, air seeders and spare parts.
Boss Built is a division within Boss Engineering. Boss Built's focus is on producing the highest quality ute trays, service bodies and transport equipment on the market.
Boss Engineering was founded by four Australian entrepreneurs Mick Grills, Andrew English, Dan Ryan and Peter Mansur.
They embarked on a journey to found a business that quickly made its mark as a robotics first, engineering led manufacturer focused on the needs of the Australian agricultural sector. The business now has 27 robots in its 32,500sqm facility in Inverell.
BOSS Engineering chief executive officer Nathan Barnett said the new investment and board support from Alceon will underpin BOSS' growth strategy, funding its growth both geographically and by accelerating its capacity to introduce new products.
"This partnership with Alceon will allow us to materially grow the business and to accelerate that growth timeline," he said.
"The partnership with Alceon PE will empower BOSS to solve more problems for our customers and increase employment throughout Inverell and other locations, such as our newly established Wagga site and soon to open Tamworth and Toowoomba sites.
"Alceon brings growth capital and scaling experience that complements our core capability of engineering excellence. Importantly to us as hands on business owners and managers, Alceon structures each investment as a separate vehicle as opposed to a large multi-investment fund which means we are not beholden to fund closure timetables.
"The investment will provide the funding to allow BOSS to accelerate new product development and increase productive capacity by investing in new machinery, robots, infrastructure and our people."
Alceon Group joint managing director of private equity Zac Midalia says Boss is an Australian success story of global proportions.
"The entrepreneurial, engineering led and robotic focus has created a culture of excellence and performance," he said.
"The result of this has rewarded these remarkable founders and this incredible company and we are grateful to be part of the next chapter of growth as we take Boss Engineering to the nation."
Three Boss Engineering Founders, Mick Grills, Andrew English and Dan Ryan, will stay in the business to ensure it continues to deliver outcomes for customers and maintain the close relationships with employees and its customers.
Alceon's Ben Sebel will join the Boss board and, together with the founders, will oversee the businesses' growth plans.
Paula Thompson
Paula Thompson is ACM's National Machinery and Ag Tech writer. She has been an agricultural journalist for more than 20 years. Prior to her current role, she was a reporter with the Stock Journal, covering livestock markets and the grains industry.
Paula Thompson is ACM's National Machinery and Ag Tech writer. She has been an agricultural journalist for more than 20 years. Prior to her current role, she was a reporter with the Stock Journal, covering livestock markets and the grains industry.
