Downer to divest 70% of Laundries business

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Media/ASX and NZX Release
2 December 2020
DOWNER TO DIVEST 70% OF LAUNDRIES BUSINESS
Downer EDI Limited (Downer) announced today it had entered into an agreement to sell 70% of its
Laundries business to an entity established by Australian private equity firm, Adamantem Capital
(Adamantem).

Under the agreement, Downer will sell a 70% interest in Laundries and receive total proceeds of
approximately $155 million on a cash and debt free basis. Following the transaction, Downer will cease to
consolidate the Laundries business and will recognise its residual 30% ownership interest as an Equity
Accounted Investment.

The Chief Executive Officer of Downer, Grant Fenn, said the transaction represented a significant step in
Downer’s Urban Services strategy.

“The sale of 70% of Laundries achieves the objective of removing one of the most capital-intensive
businesses from the Downer balance sheet,” Mr Fenn said. “Laundries continues to perform well as it
recovers from the COVID-19 lockdowns in New Zealand and Victoria and by retaining a 30% interest we will
participate in this ongoing recovery.

“We look forward to working closely with Adamantem and its management team providing market-leading
services for our customers and employment opportunities for our people.”

Adamantem Capital Managing Director, Chris Adams, said: “Adamantem is proud to be investing in the
leading commercial laundry business in Australia and New Zealand.

“We intend to invest to grow the business for the benefit of the 1,900 loyal employees and numerous
longstanding customers. We look forward to partnering closely with Downer and the management team and
to take advantage of the exciting opportunities that lie ahead.”

The sale is subject to customary conditions precedent being met, including regulatory and some customer
approvals, and is expected to complete by the end of March 2021.

Authorised for release by Downer’s Chief Executive Officer, Grant Fenn.



About Downer
Downer is the leading provider of integrated services in Australia and New Zealand and customers are at the
heart of everything it does. It exists to create and sustain the modern environment and its promise is to work
closely with its customers to help them succeed, using world-leading insights and solutions to design, build
and sustain assets, infrastructure and facilities. For more information visit www.downergroup.com

For further information please contact:
Michael Sharp, Group Head of Corporate Affairs and Investor Relations +61 439 470 145

Downer EDI Limited
ABN 97 003 872 848
Triniti Business Campus
39 Delhi Road
North Ryde NSW 2113
1800 DOWNER
www.downergroup.com