Mill relining systems OEM, RUSSELL MINERAL EQUIPMENT (RME) says it has achieved the final milestone in its transitional sale agreement, welcoming industrial and technology investment firm, Novo Tellus, as a new investor in the company.
RME Chairperson and Head of RCF Innovation, Andrew Jessett, described the change in RME’s ownership, including the investment from Novo Tellus, as the beginning of an exciting new chapter for RME.
“It secures the future of our company, ensuring that RME can continue to develop advanced manufacturing capability in Australia, and the additional capital will allow us to take it to the next level,” he said. “It will enable us to meet the challenge of creating new and better ways for our customers and RME to be successful, including a truly world-class OEM business, revolutionary automation technology, and expanded site service and optimisation capability and capacity.
“It’s a formidable combination – RCF’s mining investment experience, NRFC’s funding, Novo Tellus’ industrial and advanced manufacturing specialism, and RME’s high-performance team and culture. It ensures RME will continue to reach its next level of technological and operational potential, more quickly.
“As demand for critical minerals and metals like copper grows, RME will continue to strengthen its position as the world’s most trusted OEM of mill relining technologies. As always, our number one priority remains the continued delivery of exceptional products and services to our customers.”
Headquartered in Singapore and founded in 2010, with investment professionals and advisers located globally, Novo Tellus is a specialist investment firm focused on the industrial and technology sectors. Novo Tellus is known for its hands-on business building approach, its close partnerships with management teams and successfully scaling mission-critical manufacturers globally.
Novo Tellus Managing Partner and Co-Founder, Wai San Loke, said: “RME’s combination of engineering excellence, proprietary technology and global customer relationships make it a distinctive industrial technology business. RME has built a globally significant business from Australia with technology that plays a critical role in making mill relining safer, faster and more productive.
“We have great respect for what John, the RME team and its existing shareholders have created. We look forward to working alongside RCF, the NRFC and the management team to support RME’s next phase of growth.”
Novo Tellus’ new shareholding in RME is the first investment it has made in an Australian company, and reflects the firm’s focus on engineering-led businesses with strong intellectual property and important positions in global supply chains. It has allocated significant additional capital to support RME in its next phase of growth.
The investments realise the aim of the Australian Government’s NRFC to attract foreign direct investment and cross-border information exchange.
The achievement of the final milestone in the transitional sale agreement results in the planned retirement from the Board of RME’s founder, Dr John Russell, along with the planned retirements of Dr Peter Rubie and Cherylyn Russell.
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