Engineering group Monadelphous Group Ltd (ASX:MND) has bought asset management company PearlStreet Energy Services for $4 million from Campbell Brothers Ltd (ASX:CPB).
PearlStreet manages two long term operations and maintenance contracts in the power sector in Western Australia.
Monadelphous says the contracts run between three to four years and have a combined value of around $50 million.
The company believes its latest acquisition will enable it to expand its services into the power sector.
In the first half of its 2011 financial year, Monadelphous Group reported a net profit of $45.5 million.
