Perenti has signed an agreement to sell BTP Group, its mining equipment rental and parts sales business, to Beetle Industries for a total consideration of A$100m ($71.1m).
Beetle Industries is an investment vehicle set up by a private consortium led by Cratus Group, a company operating in the resources, logistics, structural capital and infrastructure sectors in Australia and several parts of Asia.
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According to Perenti, the transaction includes an upfront cash payment of A$80m upon completion, subject to customary adjustments for net working capital and net debt.
A further payment of A$20m is scheduled 12 months after completion and is not tied to any performance conditions.
Completion of the deal is contingent upon the buyer finalising funding arrangements and securing required consents and approvals from relevant contract counterparties.
The acquisition will be funded through a debt facility from a major Australian bank and equity and shareholder loans provided by members of the buying consortium, which includes a subsidiary of Cratus Group.
Perenti chief financial officer Michael Ellis said: “The proceeds from the sale of BTP provide additional flexibility to recycle capital into opportunities that exceed our performance hurdles.
“In the short term, this includes supporting the recent contract wins at Bellevue Gold in Australia and Fourmile in the USA but also it provides additional capacity for our active tender pipeline and other inorganic opportunities.”
The transaction is expected to close by the end of October 2026, once all conditions precedent are met.
Perenti said that BTP has been a key contributor to its Mining & Technology Services division for several years.
Perenti managing director and CEO Vanessa Torres said: “The transaction reflects our continued focus on actively managing our portfolio and allocating capital to businesses aligned with our competitive strengths in a way that maximises the Group’s total shareholder returns.
“While BTP’s performance has been impacted by market headwinds in recent years, its team has remained committed and worked diligently to support the profitability of the business. We believe the new ownership structure will provide a strong platform for BTP to pursue future opportunities and long-term success.”
Perenti stated that the sale is part of its strategy to focus its portfolio and direct capital towards areas with higher returns.
The company anticipates a non-cash loss of around A$64m from the sale, to be recognised in its fiscal year 2026 financial statements.
Headquartered in Perth, Australia, Perenti is a mining services group involved in contract mining, drilling, mining services and technology solutions.
In April 2026, the company extended its contract with Regis Resources to continue providing underground mining services at the Duketon Operations in Western Australia.
