Maybe LBLs strategy of looking to acquire an existing US...

Maybe LBLs strategy of looking to acquire an existing US business is wrong ?
Yes acquiring existing businesses has worked (except for Gladstone ) in Australia but the USA is a more sophisticated market .
From personal experience with expanding into the USA 30 years ago, I found building an existing business from the ground up was a better strategy due to the USA having an advanced competitive service industry that are literally begging (its almost sickening to see) to be suppliers to your business of raw materials and machinery .

On the demand side , In the case of LBL they would already be a step ahead of where I was , as they already have repeat customers in the USA .

That leaves human resources needed , to build the USA business , yes an existing business has that , but then do you want that business culture and possible lack of loyalty and allegiance , or would you be better to take a couple of current LBL employees and have them start the business in the USA on a pilot scale and employ from the trade schools and millwright and machinist unions if setting up a business in the Northern States ?
(The Trade Unions in the USA are different from Australia in that they will work productively with the Employers and are a pool of talent )
Purchasing an existing business can also open the purchaser to legal issues over employee benefits and retirement plan payments .
One option would be buying a business that has tax losses has been run down and have those tax losses carried forward by the purchaser but would need to explore the legal and accounting ramifications of that .