Saunders International Limited (ASX: SND), an Australian company specialising in engineering, construction and industrial asset services across various sectors, has announced it will acquire 100% of Aqua Metro Pty Ltd and its associated entities for up to $30 million. Aqua Metro is a Victoria-based business specialising in delivering integrated services to the water sector, operating across both urban and rural Victoria. The acquisition supports Saunders’ strategic expansion into the water sector, adding complementary capabilities in hydraulics, mechanical, civil, and water infrastructure.
The transaction will be funded through a $5.0 million institutional placement to existing substantial shareholders, a new $10.0 million acquisition debt facility with CBA (of which $8.0 million will be drawn), and existing cash reserves. The acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of FY2026. Aqua Metro’s management team and personnel will remain in their current roles to ensure continuity and stability.
Aqua Metro’s strong outlook includes a $411 million order book and a pipeline exceeding $1.4 billion. The company’s forecast revenue for FY2025 is $102.0 million, with expected EBITDA of $8.2 million. Based on its FY2026 budget, revenue is projected to increase to approximately $135.0 million, with EBITDA of $11.0 million. The acquisition is expected to be earnings per share (EPS) accretive in FY2026 based on Aqua Metro’s FY26 budget.
Saunders’ Managing Director and Chief Executive Officer, Mark Benson, stated that the acquisition strengthens the company’s capabilities in the water sector and enhances the value delivered to clients. Aqua Metro’s Management Team also expressed excitement about joining Saunders, citing shared values and complementary capabilities as key factors in the deal.
