SRG to Add $35M EBITDA with TAMS Buy at 2.7x Multiple

Strategic Acquisition Strengthens Market Position

SRG Global has entered into a binding agreement to acquire 100% of Total AMS Pty Ltd (TAMS), a specialist marine infrastructure services company with a 25-year track record, for $85 million. The acquisition is expected to close around 31 October 2025 and represents a transformational step for SRG, expanding its footprint in the critical marine infrastructure sector across Australia.

TAMS operates with a capital-light business model, delivering end-to-end services including design, engineering, construction, maintenance, and remediation of port and marine infrastructure. Its established relationships with key port authorities and blue-chip clients in resources, energy, transport, water, and defence sectors underpin a stable and recurring revenue base.

Financial Impact and Funding Structure

On a proforma basis for FY26, TAMS is expected to contribute approximately $200 million in revenue and $35 million in EBITDA, enhancing SRG’s total revenue to around $1.65 billion and EBITDA to $175 million. This translates into a roughly 25% accretion in earnings per share and improved EBITDA and EBIT margins, rising to 10.6% and 8.2% respectively.

The $85 million acquisition price will be funded through $57.3 million in cash and debt facilities, with the balance paid via the issuance of nearly 14 million SRG shares to vendors, escrowed for two years. Additionally, a two-year earn-out arrangement provides vendors with cash payments tied to TAMS’ EBITDA performance above $30 million, aligning incentives for continued operational success.

Strategic Fit and Growth Opportunities

TAMS’ geographic footprint includes critical shore-bases at Port Hedland, Cape Preston, Onslow, Gladstone, Fremantle, and Broome, complementing SRG’s existing network and creating a competitive moat. The acquisition diversifies SRG’s revenue streams and unlocks cross-selling opportunities, particularly in high-growth markets such as industrial resources, energy transition, transport logistics, water infrastructure, and defence.

Notably, TAMS’ exposure to the Australian Defence Force’s Integrated Investment Program, which allocates significant funding to maritime infrastructure, positions SRG to benefit from long-term government expenditure on naval bases and coastal defence projects. The acquisition also aligns with broader national priorities around port upgrades, supply chain resilience, and climate adaptation.

Outlook and Integration Considerations

SRG Global has updated its FY26 guidance to reflect the acquisition, targeting at least $163 million in EBITDA and $125 million in EBIT, including eight months of TAMS’ contribution. The company maintains a conservative gearing ratio of 0.3x net debt to EBITDA, preserving financial flexibility.

While the deal promises significant strategic and financial benefits, successful integration will be key to realising synergies and cross-selling potential. The retention of TAMS’ management and workforce is expected to support continuity and operational excellence.