The expansion is underpinned by a capital injection from new boutique private equity firm, Propel Investments.

Propel will manage an initial 30% stake in AWT, which is privately held, on behalf of their client, a major Australian super fund. Neither the name of the fund nor investment size were disclosed.

AWT would immediately begin a substantial expansion program that had been planned for more than 12 months and was confident this strategy would further develop its market share, managing director Cameron Manifold said.

“We will also consider appropriate, complementary acquisitions when the right opportunities emerge,” he said.

“Our expansion will focus on Australia and our existing operations centres, including Malaysia, India, New Zealand, the Middle East and Europe.”

AWT has about 100 engineering and support personnel.

Led by two former DB Capital Partners executives, Propel Investments is Deutche Bank’s former direct private equity business in Australia.