ASX-listed Qube Holdings has acquired industrial logistics company LCR, building up its mining and industrial services capabilities.

The deal was estimated to cost around A$135 million ($92.7 million), which would be funded by Qube’s existing undrawn debt facilities.

LCR is a “leading specialist provider of outsourced industrial logistics services, operating across mining, heavy transport, mobile crane and renewable energy industries including oil and gas”, according to Qube.

The acquisition provides Qube additional geographical diversity and service capability to enhance the company’s ability to provide reliable integrated logistics solutions, according to Qube. Both groups are aligned in their business models, which are driven by a strong safety culture, a solid and stable team, and a strong ethos to work with our local communities rather than simply in them, the company added.

LCR says it specialises in off-highway bulk commodity haulage and ancillary services, linking customer locations with rail infrastructure. It also provides critical, low cost services leveraged to increasing productivity, it said.

LCR CEO and Managing Director, Col Partington, said: “This alignment will continue under the support umbrella of Qube which will drive our collective goal to increase our presence and customer focus both in Australia and internationally. I am very excited for the staff and customers of LCR; Qube offers a great opportunity for all parties to be part of a growing national logistics business”

Qube Holdings’ Chief Operating Officer, Paul Digney, said: “The acquisition of LCR is significant as it provides Qube the ability to deliver enhanced broad spectrum mining and industrial services to its existing and future customers. LCR is well known for providing innovative lift and shift materials handling solutions across Australia and Papua New Guinea.

“Qube is committed to developing strong business units that deliver value for our customer base.”