Special situation investing requires an ability to complete transactions quickly particularly where opportunities are in insolvency administration. Helmsman had identified WM as a potential investment prior to its parent Walter Constructions being placed into voluntary administration, but ultimately was required to complete the transaction in under 4 weeks. In April 2005, HCF acquired an 81% effective interest in WM, investing $7.0 million in an MBO structure. HFM in conjunction with Mainsheet Corporate and an enthusiastic WM management team, developed business and strategic plans to create the leading underground coal contract service provider in Australia. Key drivers, bottlenecks and opportunities for organic growth were identified as well as opportunities for acquisitions in core and adjacent services and businesses. Working closely management these plans were implemented resulting in the business growing Revenue from circa $30m to $120m by June 2006.
In late 2006, WM and DCC were merged to form WDS Limited and publicly listed in December 2006, providing a high value exit for HCF and wealth generation for the management shareholders, many of whom remained with the group.