ADELAIDE: Mayfield Group Holdings Limited (ASX: MYG) announced Monday it has agreed to acquire BE Switchcraft Pty Ltd, a South Australian electrical switchboard manufacturer, in a deal worth $7 million. The acquisition is expected to close by Aug. 30, pending standard conditions.
The transaction includes $5 million in cash and $2 million in Mayfield shares. BE Switchcraft, founded in 1966, specializes in energy management systems, lighting control and room automation. The company employs 70 people and is projected to generate $20 million in revenue this fiscal year.
Mayfield said the deal strengthens its Australian manufacturing capabilities and expands its commercial market reach. BE Switchcraft’s expertise in energy efficiency and automation complements Mayfield’s portfolio, particularly for data centers and AI applications.
“This aligns with our strategy to power Australia’s sustainable future,” said Andrew Rowe, Mayfield’s managing director. He noted that BE Switchcraft’s leadership will remain with the business post-acquisition.
The combined entity will focus on customized electrical infrastructure solutions, competing against multinational firms that rely on standardized imports. Shareholders are expected to see immediate earnings growth, with positive earnings before interest and taxes (EBIT) projected for fiscal 2026.
Mayfield, headquartered in Adelaide, operates manufacturing facilities in South Australia and Western Australia. The company reported $125 million in work-in-hand as of its latest update.