Cartika was advised by Andrew Light, Managing Principal (North America) at Eaton Square, alongside Nelson Bonito of Bridgecom.

A Strategic Partnership in Cloud Infrastructure

Founded in 2000, Cartika is a Toronto-based Infrastructure as a Service (IaaS) and managed hosting provider, delivering public cloud, private cloud, virtual server, and dedicated server solutions to businesses across Canada and the United States.

Over more than two decades, Cartika has built a strong reputation supporting both Linux and Windows environments through a centralized control interface that enables customers to deploy, scale, and manage cloud servers, load balancers, VPNs, backups, DNS/CDN, and other critical infrastructure services. As of 2025, more than 95% of Cartika’s revenue is recurring, serving a base of 200+ customers.

Earl & Partners acquires and operates fundamentally strong, often founder-owned businesses that are overlooked by traditional investors. The firm focuses on long-term value creation through operational support and strategic growth initiatives.

Positioned for Continued Growth

The IaaS sector continues to benefit from strong structural tailwinds, including cloud migration, increasing data and compute requirements, and growing demand for AI-optimized infrastructure. Cartika’s established platform, recurring revenue base, and mid-market focus position the business well for its next phase of growth under Earl & Partners’ ownership.

Looking Ahead

Earl & Partners will work closely with Andrew Rouchotas, CEO of Cartika, who will remain actively involved in the business going forward. Clients can expect continuity of leadership, supported by enhanced strategic and operational resources as Cartika enters its next chapter.

“Australia, North America, and Europe continue to see strong cross-border interest in high-quality technology and infrastructure businesses,” said Andrew Light, Managing Principal at Eaton Square. “Cartika represents the type of resilient, founder-led platform that aligns well with entrepreneurial capital seeking long-term value creation.”

For more information, contact:

Andrew Light
Managing Principal, North America
Tel: +1 647 985 2639
Email: andrew.light@eatonsq.com

About Earl & Partners
Earl & Partners is an entrepreneurial investment firm founded by partners with backgrounds in investment banking, M&A, restructuring, and operational leadership. The firm focuses on acquiring and operating businesses across North America in tech-enabled services, SaaS, healthcare, niche manufacturing, and value-added distribution.

About Cartika
Cartika delivers enterprise-grade infrastructure, compliance support, data security, and managed backup and disaster recovery solutions, serving mid-market organizations seeking reliable, flexible cloud infrastructure without building it in-house.

About Bridgecom:
Having assisted in financings all over the world, BridgeCom Consulting Group provides Capital Advisory Services, with a specialization in debt placements, to SME business clients and commercial real estate developers/owners in North America and internationally.

Founded in 2019, Removify pioneered the use of proprietary technology to automatically detect and remove damaging online content. The business grew rapidly by offering businesses and individuals a powerful way to manage and improve their online reputations at scale.

Software Combined, one of Australia’s most active acquirers of B2B software and technology services firms, has made a strategic move into the online brand protection space with this acquisition—further expanding its portfolio of specialised enterprise software businesses across Australia and New Zealand.

“The internet can be an unfair place, capable of destroying brands of every size practically overnight. With the emergence of AI and other automated systems to spread false and misleading content on countless websites, we are seeing significant demand for Removify’s unique and innovative approach to online reputation management and content removal. By joining forces with Software Combined, we are very confident our customers will see even more innovation and continue to benefit from working with Removify’s team of experts. We are looking forward to accelerating our growth and success as part of the Software Combined family. Eaton Square played a crucial role in helping us navigate this process and find the right fit with Software Combined,” said Andrew Whitford, Co-Founder of Removify.

 

As M&A advisors to Removify, Reece Adnams and Nick Weston are proud to have supported this strategic transaction. Removify has established itself as a leader in online content removal services, helping businesses protect their digital reputation. This acquisition strengthens Software Combined’s portfolio of digital solutions and creates exciting growth opportunities.

“Congratulations to the talented teams at both Removify and Software Combined on this milestone. Looking forward to seeing the continued innovation that will come from this partnership,” said Nick Weston, Managing Principal of Eaton Square (Melbourne).

 

“We’re proud to have supported the founders on this milestone. Removify built an exceptional business in a high-growth sector, and this deal reflects the increasing demand from investors for proven, tech-enabled platforms with recurring revenue models,” said Reece Adnams, CEO of Eaton Square.

 

This transaction reinforces Eaton Square’s deep experience in advising technology, digital, and services businesses on strategic exits and capital raising.

For more information, contact:

Nicholas Weston
Managing Principal
nicholas.weston@eatonsq.com

Reece Adnams
Global Managing Principal and CEO
reece.adnams@eatonsq.com

]]> https://eatonsq.com/blog/eaton-square-would-like-to-congratulate-georgiou-group-on-joining-strabag/ Wed, 26 Mar 2025 04:05:53 +0000 https://eatonsq.com/?p=7724 Eaton Square would like to congratulate Georgiou Group on joining STRABAG, one of Europe’s largest construction companies.

Georgiou Group was advised by Lui Giuliani, Principal (Perth) and Mark Goodwin, Principal (Perth).

A Strategic Partnership: Georgiou Group and STRABAG Unite for Growth

Georgiou is an Australian contractor working across public and private infrastructure. In civil construction, Georgiou works across the transport, defence, mining, oil and gas, urban development, marine and water. In building construction, it includes health, education, age care, residential, industrial, non-process infrastructure and retail. Founded in 1977 and delivering projects across Australia, the business is built on the values of care, excellence and integrity.

As one of Europe’s largest construction companies, STRABAG has 86,000 employees globally and generates an annual output volume of approximately €19 billion. STRABAG delivers services along the entire construction value chain including design and planning, construction, property and facility services and operations and demolition.

“By joining the STRABAG Group, Georgiou will benefit from being part of a large, sophisticated multi-national organisation through increased financial backing and access to proven technical capability, experience and assets that extend beyond our current resources,” Gary Georgiou, Chief Executive Officer of Georgiou Group said.

“This expansion of capability offers immense value and opportunity not only for Georgiou as a commercial entity, but also for our people and the Australian construction industry as a whole.”

“Australia continues to be a highly attractive location for many of the world’s leading engineering and construction companies. Eaton Square regularly works between its offices in 11 countries, enabling Australian vendors to benefit from global buyer interest,” noted Reece Adnams, CEO at Eaton Square.

 

For more information, contact:

Lui Giuliani
Principal

Email: lui.giuliani@eatonsq.com
Ph: + 61 400 133 312

Mark Goodwin
Principal

Email: mark.goodwin@eatonsq.com
Ph: +61 422 005 439

Extent Heritage was advised by Roger Collins-Woolcock, Principal (Melbourne) and Mark Goodwin, Managing Principal (Perth).

With teams of archaeologists and heritage specialists based in Melbourne, Sydney, Brisbane, Hobart and Perth, Extent Heritage and its merged predecessor companies have worked across Australia and the Asia Pacific region for the past 25 years.

The company has completed more than 1000 projects for clients including Commonwealth, state and territory governments, government agencies such as Parks Victoria, Development Victoria, NSW National Parks and Wildlife Service and TAFE NSW, a number of Aboriginal organisations and private corporations including Santos, Lendlease, YourLand Developments, Arup, Armitage Jones, AECOM, GHD, Mirvac and Arrow Energy.

Extent Heritage Chief Executive Officer Ian Travers, who will continue to lead the business, said: “Extent Heritage has grown to become Australia’s largest and most capable archaeological and heritage management business, and joining RSK will enable us to grow and strengthen our presence further on both a national and an international scale. Our companies share an ethos, values, and vision, and we are hugely excited by the boost that being part of the RSK Group will give us as we drive best practice heritage management and collectively pursue a more sustainable society.”

“By joining RSK Australia, Extent Heritage now benefits from being part of a global group, linking market leading archaeological and heritage expertise from around the world. This will only enhance its world class service provision and create new opportunities for its staff,” noted Mark Goodwin.

“Australia continues to be a highly attractive location for many of the world’s leading advisory and technical services companies. Eaton Square regularly works between its offices in 11 countries, enabling Australian vendors to benefit from global buyer interest,” noted Reece Adnams, CEO at Eaton Square.

For more information, contact:

Roger Collins-Woolcock
Principal
roger.collins-woolcock@eatonsq.com
Ph: +61 412 778 807

Mark Goodwin
Managing Principal
mark.goodwin@eatonsq.com
Ph: +61 422 005 439

ASCT was advised by Roger Collins-Woolcock, Principal (Melbourne) and Mark Goodwin, Managing Principal (Perth).

ASCT was formed in 2014 and is a NATA accredited geotechnical testing company that offers soil testing, concrete testing, and other related services to the Australian construction and infrastructure market. They provide a range of testing services, including soil classification, compaction testing, soil strength testing, and site classification assessments, operating from multiple locations across Queensland, through New South Wales and into Victoria with a proven track record in the delivery of major projects.

Patrick Paynter, ASCT Director commented, “The ASCT team and I are genuinely excited to be joining Phenna Group. This was clearly a strategically important decision for the business and from our first dealings with the Phenna Group team, it became obvious that their culture and differentiated business model would provide a great home for ASCT. Eaton Square worked closely with us throughout the transaction, providing invaluable assistance in structuring a deal that met the short and long-term objectives of our shareholder group.”

“This transaction is a great outcome for ASCT and its staff. The partnership with Phenna Group will accelerate growth and further strengthen ASCT’s position in the Australian market, providing the opportunity to draw upon world class resources and expertise”, noted Mark Goodwin.

 

“Australia’s strong infrastructure market continues to attract the attention of the world leading construction services groups. Eaton Square now works between its offices in 11 countries for most transactions with this deal being an example of teamwork between our Australian and UK-based offices,” noted Reece Adnams, CEO at Eaton Square.

For more information, contact:

Roger Collins-Woolcock
Principal
roger.collins-woolcock@eatonsq.com
Ph: +61 412 778 807

Mark Goodwin
Managing Principal
mark.goodwin@eatonsq.com
Ph: +61 422 005 439

Finch is a family-owned business with over 30 years industry experience in the RV sector. Headquartered in Melbourne, the firm has excelled in supplying air conditioners, refrigerators, windows, doors, hatches, and various other components vital to the RV industry.

C&C, formerly known as Iluma Solutions, also based in Melbourne, has established itself as a prominent supplier in the RV industry, providing electrical, trailer, towing, and chassis packages, among other essentials.

Bringing together the C&C and Finch brands will further strengthen the position of C&C to be the #1 supplier to the RV industry. The Finch brand will continue to operate under the combined C&C group, under the direction of Roshan Chelvaratnam and C&C General Manager Chadie Helou. Current Finch Co-Founders Olaf Bach and Petra Turville will also remain with the business to continue to support the direction, transition and integration of the combined group.

Finch’ CEO, Olaf Bach, said, “Eaton Square was involved early on in the decision-making process, providing valuable advice on potential options for our business. Eaton Square facilitated a smooth transaction and a great outcome for the company and our staff. We could not have achieved this result without Eaton Square’s experience, guidance, understanding and support.”

“This transaction is a great outcome for our client and C&C. This deal enables Finch to reach a broader market and adds to C&Cs product depth. We are delighted to have helped the owners of Finch with this transition,” noted Reece Adnams, CEO at Eaton Square.

For media inquiries and further information, please contact:

Reece Adnams
Reece.adnams@eatonsq.com

About Caravan And Camping Aus Pty Ltd (C&C):

Caravan And Camping Aus Pty Ltd, formerly known as Iluma Solutions, is a preeminent supplier of electrical, trailer, towing, and chassis packages to the RV industry in Australia. Headquartered in Melbourne, Victoria, C&C is unwavering in its commitment to delivering top-tier solutions to its esteemed clientele.

About Finch Australia Pty Ltd (Finch):

Finch Australia Pty Ltd is a renowned supplier of air conditioners, refrigerators, windows, doors, hatches, and various other components vital to the RV industry. Situated in Melbourne, Victoria, Finch has earned accolades for its commitment to excellence and innovation within the sector.

About Eaton Square:

Eaton Square is a globally acclaimed M&A advisory firm (https://eatonsq.com), offering unparalleled expertise in mergers and acquisitions, capital services, and strategic consulting for businesses worldwide. Their invaluable support was instrumental in the seamless success of the C&C and Finch merger. Check out our completed deals here.

St George Project Services was advised by Warren Riddell, Principal (Tasmania) and Mark Goodwin, Managing Principal (Perth).

St. George Project Services is a market leader in the management and delivery of a diverse range of construction projects across Queensland. The company is currently working on several high-profile projects including partnering with the Queensland Department of Transport and Main Roads across the Bruce Highway Upgrade Program including the Edmonton to Gordonvale project and the Townsville Ring Road project.

The APP Group is one of Australia’s most respected property and infrastructure consultancies, with over 30 years of experience. It offers diverse expertise from a passionate team of over 550, uniting stakeholders through best practice initiatives, services, and advice, resulting in value creation outcomes.

St George Project Services’ CEO, Luke St George, said, “Eaton Square was involved early on in the decision-making process, providing valuable advice on potential options for our business. Once a decision was made to merge with a larger player, Eaton Square facilitated a smooth transaction and a great outcome for the company and our staff. We could not have achieved this result without Eaton Square’s experience, guidance, understanding and support.”

“This is a great outcome for St George Project Services and its staff who now have the opportunity to develop their careers within The APP Group’s national business”, noted Warren Riddell.

“The Australian engineering and infrastructure markets remain strong with high levels of interest from national and international acquirers. Eaton Square now works between its offices in 11 countries for most transactions,” noted Reece Adnams, CEO at Eaton Square.

 

For more information, contact:

Warren Riddell
Principal
warren.riddell@eatonsq.com
Ph: +61 414 445 170

Mark Goodwin
Managing Principal
mark.goodwin@eatonsq.com
Ph: +61 422 005 439

Eaton Square

Eaton Square is an international cross-border M&A and capital service provider with operations in 26 offices with over 110 M&A and capital professionals across US, Canada, Australia, New Zealand, UK, Andorra, Italy, Spain, Switzerland, Qatar, China & Hong Kong, Japan, Singapore and Malaysia.

We assist growth-oriented, technology and services businesses to:

• Capitalise on the value they have built in their business for shareholders
• Undertake mergers and acquisitions
• Access the capital they need to grow and expand

We are focused on four key opportunities:

1. Mergers and Acquisitions – buy side, sell side, mergers
2. Capital Raising – growth capital, bank debt, private equity, second round of capital raising
3. Public Markets – full or partial new market listing, reverse listing with capital raise
4. Transaction Readiness – market attractiveness, transaction preparations and organisation shaping, business and capital strategy, execution

Onyx Projects was advised by Mark Goodwin, Managing Principal (Perth) and Roger Collins-Woolcock, Principal (Brisbane).

Established in 2007, Onyx Projects has a long-standing reputation, specialist technical capabilities and experience in the iron ore industry. Sedgman is a leading provider of integrated minerals processing solutions and is a wholly owned subsidiary of CIMIC Group Limited – an engineering-led construction, mining, services and public private partnerships leader.

Sedgman Managing Director Grant Fraser said: “We welcome the Onyx Projects people to the team and we’re looking forward to working with them. The addition of Onyx Projects to Sedgman will allow us to increase our offering while complementing Sedgman’s existing capabilities to provide our clients with a broader service offering.”

Onyx Projects Managing Director Ian Beaumont said: “In Sedgman, we are pleased to find a strategic partner that complements our current services, expands our capability and offers new opportunities to our personnel and our clients”.

“We would like to congratulate Onyx Projects and Sedgman on this great outcome. Onyx Projects’s technical capabilities in the iron ore industry and long-standing reputation in Western Australia will further strengthen Sedgman’s minerals processing expertise”, noted Mark Goodwin, Managing Principal at Eaton Square.

Sedgman and Onyx Projects will work through a transition process focused on the continuity of service to clients.

Eaton Square Eaton Square is an international cross-border M&A and capital service provider with operations in 32 offices with over 110 M&A and capital professionals across the  US, Canada, Australia, New Zealand, UK, Andorra, Italy, Spain, Switzerland, Qatar, China & Hong Kong, Japan, Singapore and Malaysia

We assist growth-oriented, technology and services businesses to:

• Capitalise on the value they have built in their business for shareholders
• Undertake mergers and acquisitions
• Access the capital they need to grow and expand

We are focused on four key opportunities:

1. Mergers and Acquisitions – buy side, sell side, mergers
2. Capital Raising – growth capital, bank debt, private equity, second round of capital raising
3. Public Markets – full or partial new market listing, reverse listing with capital raise
4. Transaction Readiness – market attractiveness, transaction preparations and organisation shaping, business and capital strategy, execution

For more information, contact:

Mark Goodwin
Managing Principal

mark.goodwin@eatonsq.com
Ph: +61 422 005 439

Roger Collins-Woolcock
Principal

roger.collins-woolcock@eatonsq.com
Ph: + 61 412 778 807

ASX listed technology company Credit Clear (ASX: CCR) has acquired the Australasian debt collection service company, ARMA Group Holdings.

Eaton Square principals Nick Weston and Maurice Spicer advised and provided transaction support to Credit Clear.

Founded in 2015, Credit Clear Limited provides a white labelled communication technology platform used for receivables management that helps customers manage their payments through a flexible and modern user experience. Credit Clear manages customer accounts across a range of industries including transport, financial services, insurance, government, and utilities. The Company is headquartered in Melbourne, Australia with offices in Sydney, Brisbane, Adelaide and Perth.

ARMA Group Holdings is a market-leading specialist provider of contingent debt recovery solutions, outsourced accounts receivables and litigation services, servicing a large corporate client base across Australia and New Zealand. ARMA has a robust customer base of about 400+ customers acquired across new industry sectors – consumer, education, parking – while significantly diversifying Credit Clear’s exposure within current targeted sectors – insurance and commercial.

The acquisition of ARMA and the addition of its acclaimed senior sales team enhances Credit Clear’s geographic presence and broadens its industry coverage. It also strengthens the financial and operational profile of the combined group as the Credit Clear technology will significantly increase the operating leverage of ARMA.

Transaction details:

• Acquisition price of $46m (60% cash 40% scrip) plus Earnout
• Acquisition funding to be secured through a $29.5m capital raising consisting of a fully underwritten $25.5m two-tranche institutional placement and a $4m share purchase plan

For more information, please contact:

Nicholas Weston
Managing Principal
nicholas.weston@eatonsq.com

Nick Weston is a Managing Principal of Eaton Square and is focused on M&A for tech and life sciences. He is also a lawyer with more than 25 years in private practice and served as CEO of an ASX listed company for 6 years. Representative Transactions include the successful sale of digital media business WME to Melbourne IT for $39M and a successful seven figure raise for unlisted Australian anaesthesia company Drawbridge Pharmaceuticals.

Maurice Spicer
Principal
maurice.spicer@eatonsq.com

Maurice Spicer is a Principal of Eaton Square. He was a Tax and Commercial lawyer and partner of Kliger Partners (now KCL Law) for over 10 years. He has advised, facilitated and been a Principal in transactions across the spectrum including M&A, Capital raisings and Debt funding.

Eaton Square

Eaton Square is an international cross-border M&A and capital service provider with operations in 29 offices with over 100 M&A and capital professionals across US, Canada, China & Hong Kong, Australia, New Zealand, UK, Andorra, Italy, Spain, Switzerland, Singapore and Malaysia.

We assist growth-oriented, technology and services businesses to:

• Capitalise on the value they have built-in their business for shareholders
• Undertake mergers and acquisitions
• Access the capital they need to grow and expand

We are focused on four key opportunities:

1. Mergers and Acquisitions – buy-side, sell-side, mergers
2. Capital Raising – growth capital, bank debt, private equity, second round of capital raising
3. Public Markets – full or partial new market listing, reverse listing with capital raise
4. Transaction Readiness – market attractiveness, transaction preparations and organisation shaping, business and capital strategy, execution

Founded in 2000, RPL Trading focuses on services and formulation expertise to its customers and partners. Specialty chemical” products whether for healthcare, agriculture, personal care etc continue to be highly sought after.

IMCD is a global leader in the formulation, sales and distribution of speciality chemicals and ingredients. Founded in 1995, IMCD is listed on the Euronext Amsterdam Stock Exchange operates in more than 50 countries across six continents and proudly employs over 3,000 professionals.

Eaton Square was appointed by the Founders of RPL Trading Pty Ltd in August 2021 to market and sell 100% of the shares in the company. After a global campaign that attracted a large number of competitive EOIs from industry groups, private equity and family offices, IMCD progressed to be the successful acquirer. Several underbidders continue to enquire about the “next RPL”.

“RPL Trading brings an excellent and highly complementary portfolio of suppliers, products, and customers to IMCD. With this acquisition, we can now accelerate our growth strategy in the home care and water treatment markets. The focus on the formulation and value-added products at RPL Trading, combined with excellent technical expertise, is well aligned with our strategy.”  – Martin Stoemmer, Managing Director of IMCD Australia & New Zealand.

 

“Lindsay Roberts, my business partner, and I have prided ourselves to deliver into the Australian and New Zealand market the highest quality of chemical raw materials for over 22 years. This extraordinary opportunity to now become part of IMCD will benefit our local customers and suppliers by providing them a deeper degree of service and greater access to a global network of resources.” – Russel McNab, Managing Director of RPL Trading.

*Source: IMCD website

Eaton Square

Eaton Square is an international cross-border M&A and capital service provider with operations in 29 offices with over 100 M&A and capital professionals across US, Canada, China & Hong Kong, Australia, New Zealand, UK, Andorra, Italy, Spain, Switzerland, Singapore and Malaysia.

We assist growth-oriented, technology and services businesses to:

• Capitalise on the value they have built-in their business for shareholders
• Undertake mergers and acquisitions
• Access the capital they need to grow and expand

We are focused on four key opportunities:

1. Mergers and Acquisitions – buy-side, sell-side, mergers
2. Capital Raising – growth capital, bank debt, private equity, second round of capital raising
3. Public Markets – full or partial new market listing, reverse listing with capital raise
4. Transaction Readiness – market attractiveness, transaction preparations and organisation shaping, business and capital strategy, execution

For more information, please contact:

Maurice Spicer
Principal
maurice.spicer@eatonsq.com
Ph: +61 408 662 675