Symal Group (ASX:SYL) has completed the acquisition of Ascot Bin Hire, a Melbourne-based business specialising in construction and demolition waste management.
The acquisition marks a milestone for Symal as it aligns with its vertical integration strategy and expands its footprint in the recycling and repurposing sector through its subsidiary, Sycle.
The $12 million acquisition, which includes $8 million in upfront cash and $4 million in deferred consideration, enhances Sycle's operational capabilities by adding 600 skip bins to its fleet, strengthening waste collection and sustainable materials recovery services.
The deal is expected to boost underlying EBITDA by $2.5 million and be earnings per share accretive in the first year.
Symal is confident the acquisition will drive growth in the Victorian waste management sector, to increase throughput to a targeted capacity of one million tonnes per annum.
Managing Director Joe Bartolo emphasised that the move supports Symal's commitment to sustainability and positions the company as a leader in sustainable construction and resource recovery.
Symal is on track to meet its FY25 revenue and EBITDA targets.
At the time of reporting, Symal Group's share price was $1.51.