Interesting this bit from Dataroom section of The Australian

Bapcor and Envirosuite gain interest for deals

Meanwhile a global private equity suitor is understood to have been running the numbers on listed environmental consulting company Envirosuite.

While a deal never eventuated, with the suitor unable to make the numbers work, some believe the company is one private equity is keeping a watching brief on and choosing the right time to pounce.

Envirosuite’s shares have been on the decline this year, with its market value now only about $68m. Three years ago, it was worth triple the amount.

For the year to June, Envirosuite, which describes itself as an environmental intelligence technology company, posted a $10m loss, but the result was 22 per cent more than in the previous corresponding period as the group moved to control its costs.

It operates in the areas of aviation, industrial and water. The company said it was aiming to have positive earnings this financial year.

In 2020, Envirosuite bought environment noise monitoring company EMS Bruel & Kjaer for $70m and raised equity of a similar size to fund the deal.

The combined entity was to have estimated revenue of about $55m-$60m annually, with a target in three years of $100m.

Macquarie became a strategic investor and the largest shareholder after the transaction, with a stake of about 8 per cent.