What did SHAPE Australia (ASX:SHA) announce regarding Australian Professional Shopfitters?

SHAPE Australia (ASX:SHA) entered into an agreement to acquire Australian Professional Shopfitters (APS) to expand its national retail fitout capabilities.

How much is SHAPE Australia (ASX:SHA) paying to acquire Australian Professional Shopfitters?

SHAPE Australia is paying an upfront consideration of $20.4 million, which implies an attractive valuation multiple of roughly 3.8x future maintainable EBITDA.

How is the Australian Professional Shopfitters acquisition being funded by SHAPE Australia (ASX:SHA)?

The transaction is being funded via a balanced mix of cash and scrip (equity shares). By utilizing a combination of existing cash resources and new share issuance, the company avoids relying entirely on cash reserves or debt to finalize the transaction.

What are the key financial metrics and earnings of Australian Professional Shopfitters?

Australian Professional Shopfitters generated a total revenue of $32.5 million for FY25. The business is projected to deliver a future maintainable EBITDA of $5.3 million, supporting an overall enhanced profit margin profile for the combined entity.

Will the acquisition boost SHAPE Australia’s (ASX:SHA) earnings per share (EPS)?

Yes, the acquisition is forecast to be immediately earnings accretive for SHAPE Australia within its first full year of ownership. It is expected to deliver a normalised earnings per share (EPS) accretion of approximately 5% to 7%.

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SHAPE Australia acquires APS to boost fitout capabilities

Q: What strategic assets does Australian Professional Shopfitters bring to SHAPE Australia (ASX:SHA)?

APS brings a 5,000 square metre manufacturing facility in Melbourne that features substantial spare capacity to accelerate SHAPE's wider project delivery framework. Additionally, APS provides a well-established offshore procurement network built over the last two decades.

Written by Brie CarterPublished May. 27 2026Last Updated May. 27 2026

SHAPE Australia (ASX:SHA) announced an agreement to acquire Australian Professional Shopfitters, boosting its national retail fitout capabilities.

Established in 1998, Melbourne-based APS is a vertically integrated business generating an FY25 revenue of $32.5 million, with a projected future maintainable EBITDA of $5.3 million.

The transaction features an upfront consideration of $20.4 million—implying an attractive 3.8x EBITDA multiple—alongside up to $9 million in performance-linked contingent consideration structured across a two-year earn-out period.

Funded through a balanced combination of cash and scrip, the acquisition is forecast to be immediately earnings accretive for SHAPE within its first full year of ownership, delivering an estimated normalised earnings per share accretion of 5% to 7%.

APS brings more than 28 years of industry expertise and commands a massive 5,000 square metre manufacturing facility possessing substantial spare capacity to accelerate SHAPE's wider project delivery framework.

With an established offshore procurement network spanning two decades and approximately 80% of its project portfolio valued at under $500,000, APS provides deep exposure to highly repeatable, high-volume, programme-based retail rollouts.

The acquisition aligns with SHAPE's overarching corporate diversification strategy, expanding its sector footprint, securing entrenched multi-site retailer relationships, and embedding an enhanced profit margin profile into the broader group.