The company, which was founded in Mackay in 2010 by Brett Hampson, Dan Sanderson and Stephen Mounsey, in on track to deliver revenue of more than A$35 million in the 2022 financial year.

It has close to 100 employees in Mackay and Perth.

Mainetec's products include the Hulk Excavator Buckets & Armadillo Dippers, iTrip dipper door latching system, Terminator GET packages and its proprietary predictive analytics software package Mainetrack and its pipeline of new products includes lightweight truck tray bodies which are presently undergoing design refinement and extensive field testing.

Its near‐term plans include further investment in innovation, the introduction of new high-performance mining products and a targeted expansion into offshore markets.

"With a full order book and a suite of mining products that are being well received by both major mining houses and OEMs, it is believed that the time is right to seek a strategic partnership to meet expansion plans," Mainetec said.

Specialist boutique advisory firm LCC Asia Pacific is running the investor search process and is targeting both industry and private equity players.