Symal Group (ASX:SYL) has entered into a conditional agreement to acquire an 80% stake in Davison Earthmovers, a South Australian civil construction firm, for $23.2 million.
The acquisition, expected to complete in Q3 FY26 pending standard closing conditions, also includes over $11 million in plant and equipment.
Founder Paul Davison will retain a 20% stake and continue to lead the business, ensuring continuity and operational stability.
Founded in 1986, Davison Earthmovers has built a strong local reputation across commercial, industrial, government, and private sectors, with a skilled workforce and management team.
The deal provides Symal with immediate scale and market presence in South Australia, a region with a projected $27.3 billion infrastructure pipeline over the next four years.
The acquisition supports Symal's strategy to expand its national footprint and strengthens its capacity to pursue major road, rail, defence, facilities, and renewable energy projects.
Symal expects the acquisition to be EPS accretive from the first year, delivering annualised underlying EBITDA of approximately $7 million.
The transaction will be funded from existing cash reserves, with options for Symal to acquire the remaining 20% stake 4–5 years post-completion.
Symal Group Managing Director Joe Bartolo said the acquisition "marks a pivotal step in Symal's journey to build enduring capability and presence in South Australia," highlighting the alignment of Davison's legacy, expertise, and relationships with Symal’s growth strategy.