Symal Group expands waste management capilities with acquisition of Ascot Bin Hire 

MELBOURNE: Symal Group Limited (ASX: SYL) has completed its acquisition of Ascot Bin Hire, a Melbourne-based construction and demolition waste management company, for $12 million in cash. The deal marks Symal’s first acquisition since listing on the Australian Securities Exchange in November 2024. 

The purchase includes an upfront payment of $8 million, with $4 million deferred over the next two years. Symal will fund the acquisition through existing cash reserves and available asset finance facilities. The company expects the deal to boost earnings per share within the first year and add approximately $2.5 million to underlying EBITDA. 

Ascot Bin Hire brings an additional 600 skip bins to Symal’s subsidiary, Sycle, enhancing its waste collection and recycling capabilities. The acquisition aligns with Symal’s strategy to expand its footprint in the waste management and recycling sector, aiming to increase Sycle’s processing capacity to 1 million tons annually. 

“This acquisition strengthens our position in sustainable construction and resource recovery,” said Symal Managing Director Joe Bartolo. “It meets our criteria for earnings growth and fits our strategic pillars.” 

Symal confirmed it remains on track to meet its fiscal 2025 revenue and EBITDA forecasts of $961.1 million and $102.3 million, respectively. 

The company welcomed Ascot Bin Hire’s employees and management, who will transition into Sycle’s operations.