MELBOURNE: Service Stream Limited, a leading essential network services company, announced Monday it has entered into an agreement to acquire RIE Group, a Queensland-based specialist in high-voltage electrical and instrumentation services.
The deal, expected to close around August 2026, is part of Service Stream’s broader strategy to grow its addressable market and expand into adjacent industrial sectors, including oil and gas, power generation and renewables.
Under the agreement, Service Stream will make an initial payment of $6.5 million, subject to a purchase price adjustment based on RIE’s final net working capital position at completion. An additional cash consideration of up to $1.5 million may be paid on a pro-rata basis if RIE exceeds minimum financial performance thresholds for fiscal year 2027.
RIE generates approximately $13 million in annual revenue and employs between 60 and 120 workers during peak outage periods. The company operates across the Surat Basin, Darling Downs and Gladstone regions.
“The acquisition reflects a strategic addition to our growing utility operations at a time when the energy transition is providing increasing opportunities,” said Leigh Mackender, managing director of Service Stream. “The expansion of capabilities across the industrial services sector reflects one of many growth areas being targeted as we look to continually expand the group’s total addressable markets.”
Service Stream, listed on the Australian Securities Exchange under the code SSM, provides essential network services to the telecommunications, utility and transport sectors. The company employs about 5,000 workers and has access to a pool of roughly 10,000 specialist contractors across all Australian states and territories.
The transaction remains subject to satisfaction of conditions precedent usual in such deals.
