• Acquisition of Advanced Boilers & Combustion Pty Ltd, a top 2 industrial boiler supplier in Australia
• Expands EGL's sales and service offering, complementing existing business
• Advanced owns exclusive rights to Maxitherm boiler technology, a leading water tube boiler

Environmental Group Ltd (EGL) has announced the acquisition of Advanced Boilers & Combustion Pty Ltd, a leading Australian industrial boiler service and manufacturing business, for $5.5 million. Advanced was founded in 2006 and has grown to become the 2nd largest industrial boiler supplier in Australia, holding approximately 8% market share. The company's key operations include manufacturing and servicing a wide range of industrial boilers and water heaters, with a focus on the larger end of the industrial market. Advanced owns the exclusive rights in Australia to manufacture and sell Maxitherm boilers, which are one of the top 2 leading water tube boilers in the country. The acquisition represents a major expansion in EGL's sales and service offering to the industrial boiler industry, complementing EGL Energy's existing business. Advanced has expertise in fabrication, boiler fit out, economisers, pipe welding, skid manufacture and control panel design and manufacture, which will build on and enhance EGL Energy's capabilities and introduce cross-sell opportunities for other EGL divisions. In FY24, Advanced reported revenue of $16.0 million and normalised EBITDA of $1.6 million, with approximately 60% of revenue derived from recurring service contracts.

Advanced reported FY24 revenue of $16.0 million and normalised EBITDA of $1.6 million.