Acrow Limited (ASX: $ACF) Acquisition Announcement

Acrow Limited (ASX: $ACF) has successfully acquired Benchmark Scaffolding, a prominent provider of access solutions based in Townsville, effective 1 March 2024. The acquisition, valued at $9.0 million, is expected to significantly enhance Acrow's industrial services business and contribute to an upgrade in the FY24 EBITDA guidance range to $73-76 million.

Executive Commentary on Acquisition

We are very pleased to have completed the acquisition of Benchmark Scaffolding. Similar to the recently acquired MI Scaffold business, Benchmark has a longstanding reputation as a quality service provider in the industrial, mining, and infrastructure sectors. The business is extremely complementary to MI Scaffold, and further enhances Acrow's position not just in the Central/North Queensland region, but nationally. Furthermore, it strongly enhances Acrow's strategic goal of growing a national Industrial Services presence, generating profitable and stable annuity-style earnings, to complement our market-leading national formwork hire and sales business. I'm pleased to welcome the team at Benchmark to the Acrow family and look forward to a successful future for this business as part of our team.

Summary of Acquisition and Outlook

Acrow Limited (ASX: $ACF) has successfully completed the acquisition of Benchmark Scaffolding, a leading provider of access solutions in Queensland. The acquisition, valued at $9.0 million, is expected to enhance Acrow's industrial services business and contribute to an upgrade in the FY24 EBITDA guidance range to $73-76 million. The acquisition is in line with Acrow's strategic goal of growing a national Industrial Services presence and generating profitable and stable annuity-style earnings. With this acquisition, Acrow aims to further solidify its position in the Central/North Queensland region and nationally, while welcoming Benchmark Scaffolding to the Acrow family for a successful future as part of the team.