How Will Symal’s $28M Queensland Acquisition Fuel Growth Ahead of 2032 Olympics?
Symal Group has agreed to acquire Timms Group and L&D Contracting for $28 million, significantly expanding its Queensland footprint and positioning itself for the 2032 Brisbane Olympics infrastructure boom.
- Acquisition of Timms Group and L&D Contracting assets for $28 million upfront
- Adds over $28 million in plant and equipment and skilled workforce
- Expected to deliver ~$8 million annualised EBITDA in FY26
- EPS accretive from first year of ownership
- Completion targeted for Q3 FY26, funded from cash reserves
Strategic Expansion in Queensland
Symal Group Limited (ASX, SYL) has taken a decisive step to deepen its presence in Queensland’s civil contracting market by entering into a conditional agreement to acquire the assets of Timms Group and L&D Contracting. The $28 million upfront cash deal, funded from Symal’s existing cash reserves, is expected to close in the third quarter of FY26, subject to customary conditions.
Both Timms Group and L&D Contracting bring established reputations and strong client relationships within Queensland’s civil infrastructure sector. Timms Group is known for its integrated civil and haulage contracting capabilities alongside construction and demolition repurposing, while L&D Contracting has been a self-performing civil contractor since the 1980s. Their combined operations add significant scale and expertise to Symal’s existing Queensland footprint.
Enhancing Capabilities and Market Position
The acquisition adds more than $28 million worth of plant and equipment, alongside a skilled workforce and a robust project pipeline. This bolsters Symal’s integrated contracting, haulage, and repurposing capabilities, enabling the company to offer end-to-end solutions across major infrastructure, building, and facilities projects. The deal also opens doors to new Tier 1 and Tier 2 client opportunities, enhancing Symal’s market share and operational leverage in a region poised for significant growth.
Symal’s Managing Director Joe Bartolo highlighted the strategic fit, noting the alignment of culture and values between the companies and the enhanced ability to capitalise on Queensland’s infrastructure boom. With Brisbane gearing up for the 2032 Olympics, alongside ongoing population growth and record investments in transport, housing, and public amenities, this acquisition positions Symal to benefit from a long-term pipeline of projects.
Financial Outlook and Integration
Financially, the acquisition is expected to be immediately accretive to earnings per share, with forecast annualised underlying EBITDA of approximately $8 million in FY26. Symal plans to provide updated FY26 guidance once the acquisition is completed. The deal includes an earn-out mechanism, with an additional payment of around 2.0 times incremental EBITDA above $8 million in FY26, introducing an element of performance-based upside.
The company’s ability to fund the acquisition from cash reserves reflects a strong balance sheet, while the integration of these businesses will be closely watched by investors eager to see how Symal leverages the expanded asset base and workforce to drive margin expansion and resilience.
Positioning for the Future
Symal’s move underscores a broader trend of consolidation and strategic positioning ahead of major infrastructure events in Australia. The Brisbane 2032 Olympics represent a catalyst for sustained investment in Queensland, and Symal’s enhanced platform could unlock significant growth opportunities in the years to come.
As the company integrates Timms Group and L&D Contracting, the market will be watching for execution on operational synergies and the ability to convert the expanded capabilities into profitable contracts. This acquisition marks a clear signal that Symal is committed to growing with the right partners in key markets, aiming for long-term value creation.
Bottom Line?
Symal’s Queensland acquisition sets the stage for growth, but execution and market conditions will determine if the promise translates into sustained earnings uplift.
Questions in the middle?
- How smoothly will Symal integrate the operations and cultures of Timms Group and L&D Contracting?
- What impact will the earn-out structure have on Symal’s FY26 financial performance?
- How will Symal capitalise on the Brisbane 2032 Olympics infrastructure pipeline beyond this acquisition?
