Roche play for Simonds Group

The wealthy Roche and Simonds families have made a joint push to take over the listed Simonds Group.

Mark Simonds at Balmoral Quay. Picture: Justice Cameron.

The wealthy Roche family have teamed with the Simonds home building family to make a takeover play for the troubled listed Simonds Group.

The pair are close to announcing the play, which is likely to see Simonds leave the ASX boards after an unhappy experience as a listed company.

The Roche family, run by its third-generation management, already have commercial and residential property developments, as well as rural holdings.

Simonds was hit by earnings downgrades, its chief executive leaving and poor sentiment towards companies with vocational training operations.

While the company listed at $1.78 per share via Moelis & Co, it is understood that Macquarie Capital is now advising the company on its strategies.

Well-regarded chief executive Matt Chun is expected to handle the transaction which could see shareholders regain some value from the present 29c level they last traded at.