Symal Group Accelerates Queensland Expansion with $28M Acquisition
Symal Group Limited has announced the acquisition of Timms Group and L&D Contracting, significantly boosting its footprint in Queensland’s civil infrastructure market ahead of the 2032 Brisbane Olympics.
- Acquisition of Timms Group and L&D Contracting for $28 million upfront
- Expected $8 million annualised EBITDA uplift in FY26
- Strategic entry into Queensland’s civil and infrastructure sector
- Asset-backed deal with over $28 million in plant and equipment acquired
- Funded entirely from Symal’s existing cash reserves
Strategic Acquisition Bolsters Queensland Presence
Symal Group Limited has taken a decisive step to expand its operations on Australia’s east coast by acquiring 100% of the assets of Timms Group and L&D Contracting. The $28 million upfront deal, supplemented by an earnout tied to FY26 EBITDA performance, marks a significant strategic move to deepen Symal’s involvement in Queensland’s civil and infrastructure market.
This acquisition is particularly timely, positioning Symal to capitalise on the surge in infrastructure activity anticipated ahead of the 2032 Brisbane Olympic and Paralympic Games. With the Queensland Government committing nearly $23 billion in capital expenditure, the region is set for a construction boom, and Symal’s expanded footprint offers immediate access to this lucrative pipeline.
Enhancing Earnings and Asset Base
Timms Group and L&D Contracting bring to Symal a combined annualised EBITDA contribution of approximately $8 million for FY26, reflecting robust operational efficiencies and a strong project pipeline. The transaction is asset-backed, with more than $28 million in plant and equipment included, such as prime movers, tipper trucks, and trailers dedicated to heavy haulage operations. This asset base not only supports current operations but also provides a scalable platform for future growth.
Symal’s integrated delivery model, which combines contracting, plant and equipment hire, and construction and demolition repurposing, will now be replicated in Queensland. This approach is expected to enhance operational synergies and improve market competitiveness, enabling Symal to capture a broader spectrum of Tier 1 and Tier 2 contracting opportunities.
Funding and Future Outlook
The acquisition is fully funded from Symal’s existing cash reserves, reflecting a strong balance sheet and prudent financial management. Settlement is targeted for the third quarter of FY26, subject to customary completion conditions. The earnout structure, based on exceeding EBITDA targets, aligns incentives and underscores confidence in the acquired businesses’ performance.
Looking ahead, Symal’s enhanced presence in Queensland not only diversifies its geographic exposure but also strengthens its position in a high-growth market. The company is well placed to benefit from a $104 billion major projects pipeline over the next five years, driven by government infrastructure spending and private sector developments.
Bottom Line?
Symal’s acquisition sets the stage for a stronger Queensland foothold, with earnings growth and market share gains on the horizon.
Questions in the middle?
- How will Symal integrate Timms Group and L&D Contracting’s operations to maximise synergies?
- What are the specific EBITDA stretch targets tied to the earnout, and how achievable are they?
- How might this acquisition influence competitive dynamics among Queensland civil contractors ahead of the 2032 Olympics?
