SYDNEY – Symal Group announced today it has agreed to acquire 80% of South Australian civil construction business Davison Earthmovers for $23.2 million upfront, with settlement targeted for the third quarter of FY26.
The founder of Davison Earthmovers will retain a 20% ownership stake. Symal holds a call option, and the vendor holds a put option, for Symal to acquire the remaining 20% at 3–4 times EBITDA between four and five years after completion.
The acquisition is fully funded from Symal’s existing cash reserves and is expected to be earnings per share accretive in the first year of ownership. Symal will gain approximately $7 million in annualized, normalized EBITDA from the transaction, along with more than $11 million in plant and equipment assets.
Founded in 1985, Davison Earthmovers provides earthmoving, drainage, concreting and civil works services to commercial, industrial and government clients across South Australia. The company holds long-standing relationships with key state government bodies, local councils and Tier 1 and Tier 2 construction firms.
“This acquisition provides Symal with an established platform to replicate our integrated delivery model in South Australia,” a Symal representative stated. “Davison’s reputable local brand, founder-led culture and strong market relationships align perfectly with our growth strategy.”
The move positions Symal to capitalize on South Australia’s record $27.3 billion public infrastructure commitment through 2028–29, a defence pipeline exceeding $3.2 billion over the next decade, and the state’s target of 100% renewable electricity by 2027.
Davison Earthmovers will continue to operate from its Royal Park headquarters under the Symal Group portfolio.