2025 Mid-Year Industrial Products and Services Sector M&A Overview: Key Trends and Insights
The Australian Industrial Products and Services sector has emerged as a powerhouse of mergers and acquisitions (M&A) activity in 2025, fuelled by a resurgence in manufacturing, sustained infrastructure investment, and growing demand for specialised industrial services across mining, energy, and construction. According to the 2025 Mid-Year Industrial Products and Services Sector M&A Overview, the sector has seen over $1.2 billion in disclosed transaction value from major deals in the $2 million to $1 billion range over the past five years.
Strong Mid-Market and Platform Consolidation
The mid-market remains highly active, with strategic buyers and private equity investors targeting industrial equipment manufacturers, engineering service providers, access solutions, and specialised contractors. Notably, the sector accounted for 31% of total deal activity in recent years, according to Grant Thornton’s Dealtracker 2025, reflecting its resilience and strategic importance in Australia’s economic landscape.
Key players such as Acrow Limited, Monadelphous, Cleanaway, and SRG Global have driven platform consolidation, acquiring multiple businesses to build integrated industrial services platforms with national reach. For example, Acrow Limited’s acquisitions across MI Scaffold, Brand Australia & Above Scaffolding, and Benchmark Scaffolding have strengthened its position as a leader in industrial access solutions.
Strategic Drivers and Market Dynamics
Government Policy & Manufacturing Renaissance: Investment in sovereign manufacturing capabilities and supply chain resilience has spurred M&A activity, with government support encouraging sector growth.
Infrastructure Pipeline: Ongoing infrastructure projects and essential service requirements in mining and utilities continue to drive demand for specialised industrial services.
Technology Integration: Companies are increasingly acquiring technology-enabled businesses to enhance operational efficiency and meet evolving client needs.
Landmark Transactions
The sector has seen several high-profile deals, including Cleanaway’s $377 million acquisition of Contract Resources—creating a market leader in integrated technical services—and SRG Global’s $111 million purchase of Diona, expanding its capabilities in water security and energy transition. These deals, alongside numerous mid-sized acquisitions, highlight the premium valuations achieved by businesses with specialised technical expertise, safety credentials, and long-term client relationships.
Outlook and Opportunities
With EBITDA multiples ranging from 4x to 12x, premium is placed on operational excellence, recurring revenue, and specialised capabilities. As Australia continues to invest in infrastructure and manufacturing, M&A activity is expected to remain robust, favouring businesses that can demonstrate technical leadership and strong safety performance.
For a comprehensive analysis of recent transactions, valuation trends, and strategic insights, read the full report now and stay ahead in Australia’s evolving industrial landscape.
If you’d like a confidential, obligation-free discussion about how these insights could apply to your business, or to explore your options, contact the Morgan Business Sales team today.
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