Acrow Formwork launches cash call to fund Queensland acquisition Corporate03 Nov 2023

Listed small-cap Acrow Formwork has launched a $15 million equity raising to fund the purchase of MI Scaffolding, a Mackay-headquartered business that’s slated to be accretive in the 2024 financial year.


Shaw and Partners is joint lead manager on the placement. The deal’s expected to be supported by Acrow’s existing investor base, which includes the Kennard family of Kennards Self Storage fame.

Investors were told on Friday that the MI acquisition would allow Acrow to offer over-the-water scaffolding solutions to customers such as BHP Queensland. The rump of the funding will be met through a $15 million debt facility.

Acrow shares were offered at 80¢ a share, a 6.4 per cent discount to the last close. The upfront consideration for MI is circa $26 million with a $10 million earn-out subject to delivering EBITDA targets.


Acrow hires out formwork and scaffolding systems to large construction and civil infrastructure providers across Australia. It last raised in December 2019 at 30¢ a share via Morgans and Shaws.


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