Broadspectrum

Last updated

Broadspectrum
Industry Infrastructure maintenance services
Founded2001
Founder Franco Belgiorno-Nettis
DefunctJune 30, 2020 (2020-06-30)
FateAcquired by and integrated into Ventia
Successor Ventia
Headquarters
North Sydney
,
Australia
Area served
Australia
New Zealand
Parent Ventia
Subsidiaries APP
Broadspectrum Property
CI Australia
Easternwell
ICD
Ten Rivers
Website www.broadspectrum.com

Broadspectrum, formerly known as Transfield Services, was an Australian and New Zealand company that provided infrastructure maintenance services. Formerly listed on the Australian Securities Exchange, and later owned by Ferrovial, it was then acquired by Ventia who integrated Broadspectrum alongside Visionstream. [1]

Contents

Overview

Broadspectrum operated across diverse industries, including property and facilities management, defence, transport (including road, rail and public transport), utilities (including water, power, and telecommunications), and mining and chemical processing and hydrocarbons. Its clients included major national and international companies, as well as all levels of government.

History

Former Transfield Services logo Transfield-Services-Logo.gif
Former Transfield Services logo

In May 2001, Transfield Holdings spun-off its maintenance contracting division along with power, transportation and water assets and listed it on the Australian Securities Exchange as Transfield Services. [2] [3] Transfield Holdings had an initial 45% shareholding. [4]

In July 2004, Transfield Services acquired the New Zealand operations of Serco. [5] [6] In February 2005, Transfield Services purchased instrumentation, electrical and mechanical service group Broadspectrum. [7] In June 2007, Transfield Services Infrastructure Fund (that later became RATCH-Australia) was spun-off, comprising seven former Transfield Services power station and water storage assets. [8]

In December 2010, well-servicing business Easternwell was purchased. Easternwell provides services to the mining, oil and gas and infrastructure sectors in Queensland, South Australia and Western Australia. [9] [10] [11] In July 2011 Transfield Services sold its North American based facilities management business USM to Emcor for US$255 million, [12] and also announced the sell down of 80 percent of its share in the Transfield Services Infrastructure Fund to Ratchaburi Australia, a subsidiary of Thai company Ratchaburi Electricity General. [13] [14]

In October 2012, Transfield Services was contracted to manage the Australian government's offshore immigration detention centre on Nauru. [15] In March 2014, following the death of Iranian asylum seeker Reza Barati, it took over the running of the detention centre on Manus Island from G4S. [16] A group of artists participating in the Sydney Biennale that year threatened a boycott of the festival (whose chairman was Luca Belgiorno-Nettis, managing director of Transfield Holdings) unless the festival ended a sponsorship deal with Transfield. Belgiorno-Nettis resigned his chairmanship of the Biennale. [17]

In September 2014, ahead of a review established by immigration minister Scott Morrison, Transfield Holdings sold its remaining shareholding in Transfield Services, marking the end of its involvement. [18] [19] [20] In November 2015 Transfield Services was rebranded as Broadspectrum after Transfield Holdings gave 12 months notice of termination of the right to use the name Transfield and logo. [21]

Having made an unsuccessful takeover attempt in 2014, in May 2016 Ferrovial acquired the business. [22] [23] [24] [25] In December 2019, Ferrovial agreed terms to sell the business to Ventia. [26] The transaction was completed in June 2020 after being cleared by the Australian Competition & Consumer Commission. [27]

Transport operations

Between 1999 and 2010, Transield Services held a 50% shareholding with Transdev in Transdev TSL that operated bus services in Sydney (Shorelink), ferry services in Brisbane (TransdevTSL Brisbane Ferries) and tram services in Melbourne (Yarra Trams). [28] Transfield Services again partnered with Transdev to operate Harbour City Ferries from 2012 until 2016. [29] From 2011 until 2018, Transfield Services also operated bus services in its own right under contract to the Department of Planning, Transport & Infrastructure in Adelaide (Light-City Buses). [30] [31]

Controversy

The appointment of Transfield Services to provide welfare services at the detention centres on Manus and Nauru was criticised by refugee advocacy groups on the grounds that the duty to shareholders conflicted with the interests of asylum seekers. [32] In February 2014, this led to calls for an artist and audience boycott of the 19th Biennale of Sydney, which Transfield Services supported through the Transfield Foundation, providing approximately six per cent of the Biennale's total funding. [33] Following protests and widespread criticism on social media, Executive Director of Transfield Holdings Luca Belgiono-Nettis subsequently resigned from his position as Chairman of the Biennale Board, and the Biennale severed its 41-year sponsorship relationship with Transfield Holdings. [34] This decision itself led to debate, with boycott organisers saying the boycott was successful, while their opponents claimed it had jeopardised the future of corporations and businesses funding the arts in Australia. [35]

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References

  1. ↑ "Broadspectrum is now part of Ventia". www.ventia.com. Retrieved 3 September 2021.
  2. ↑ Transfield seeking $10m from Seven Hills auction Sydney Morning Herald 17 February 2001
  3. ↑ Commencement of Official Quotation - Transfield Services Limited Australian Securities Exchange 30 April 2001
  4. ↑ Distribution of Shareholders as at 9/05/2001 Transfield Services 9 May 2001
  5. ↑ Transfield Services sale contract to acquire Serco Group NZ Ltd Transfield Services 5 April 2004
  6. ↑ Transfield Services acquires Serco Group NZ Ltd Transfield Services 1 July 2004
  7. ↑ Transfield Services buys specialist service group Transfield Services 10 February 2005
  8. ↑ Transfield Services announces IPO of infrastructure assets Transfield Services 4 April 2007
  9. ↑ Transfield Services to acquire Easternwell for $575 million Transfield Services 13 December 2010
  10. ↑ Lee, Tracy (26 February 2011). "Easternwell addition drives Transfield Services rally". The Australian . Retrieved 25 August 2011.
  11. ↑ "Transfield snaps up Easternwell for $575m". The Sydney Morning Herald. 13 December 2010. Retrieved 25 August 2011.
  12. ↑ Lee, Tracy (20 May 2011). "Transfield offloads weak US service arm". The Australian. Retrieved 25 August 2011.
  13. ↑ Kelly, Ross (2 May 2011). "Transfield Services Infrastructure Fund backs offer from Thailand's Ratchaburi". The Australian. Retrieved 25 August 2011.
  14. ↑ Robins, Brian; Ker, Peter (18 August 2011). "Transfield's $12.2m Loy Yang hit over carbon tax". The Age . Retrieved 25 August 2011.
  15. ↑ "Transfield given $1.5bn over three years to manage Nauru and Manus centres". the Guardian. 27 October 2015. Retrieved 12 April 2022.
  16. ↑ "Transfield named Coalition's 'preferred tenderer' for Manus and Nauru centres". the Guardian. 31 August 2015. Retrieved 12 April 2022.
  17. ↑ "Biennale artists force Transfield out". Australian Financial Review. 7 March 2014. Retrieved 12 April 2022.
  18. ↑ Transfield Holdings sells it shares in Transfield Services Transfield Holdings 9 September 2014
  19. ↑ "Save the Children staff say Moss review exposes negligence on Nauru". the Guardian. 20 March 2015. Retrieved 12 April 2022.
  20. ↑ "Independent Reviews - Regional Processing Centre in Nauru". www.homeaffairs.gov.au. Retrieved 12 April 2022.
  21. ↑ Change of name to Broadspectrum Broadspectrum 3 November 2015
  22. ↑ Transfield Services receives proposal from Ferrovial Transfield Services 24 October 2014
  23. ↑ Ferrovial submits final offer for Broadspectrum Ferrovial 6 April 2016
  24. ↑ Ferrovial exceeds 90% of Broadspectrum Ferrovial 23 May 2016
  25. ↑ Ferrovial completes compulsory acquisition of Broadspectrum shares Ferrovial 27 June 2016
  26. ↑ Ventia signs agreement to purchase Broadspectrum CIMIC Group 2 December 2019
  27. ↑ Ventia's proposed acquisition of Broadspectrum not opposed Australian Competition & Consumer Commission 23 April 2020
  28. ↑ Welcome to TransdeTSL TransdevTSL
  29. ↑ Ferries' French Flavour Australasian Bus & Coach 4 May 2012
  30. ↑ New contractors for Adelaide bus services Department of Planning, Transport & Infrastructure 29 April 2011
  31. ↑ "Light City Buses Gone". Australian Bus Panorama , issue 34/1, July 2018, page 5
  32. ↑ "Construction company set to take over Salvos' asylum seeker welfare services". The Guardian . 3 February 2014. Retrieved 21 August 2023.
  33. ↑ Taylor, Andrew (21 February 2014). "Refugee outrage threatens Sydney Biennale sponsorship". The Sydney Morning Herald . Archived from the original on 21 February 2014.
  34. ↑ Fortescue, Elizabeth (7 March 2014). "Biennale Future in Doubt". The Daily Telegraph . Archived from the original on 8 March 2014. Retrieved 12 March 2014.
  35. ↑ Pickard, Nicholas (9 March 2014). "Arts kicks own goal in Biennale of Sydney stoush and risks vital clash". The Sydney Morning Herald . Retrieved 12 March 2014.
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