Australian marine solutions company Bhagwan Marine has entered into a share sale and purchase agreement to acquire 100 per cent of Riverside Marine Holdings.
The acquisition will be on a debt-free, cash-free basis with a normal level of working capital, for an enterprise value of up to AU$130 million (US$91 million).
Founded in Brisbane in 1926 by the Campbell family, Riverside specialises in the management and operation of approximately 30 diverse vessels, including nine owned vessels, across five established brands. The Riverside group has long-standing clients within the industrial resources, scientific research, transport and logistics sectors.
Bhagwan said Riverside is forecasting FY26 revenue of AU$63 million (US$44 million) and gross operating profit of AU$26 million (US$18 million).
Among other things, the acquisition will ensure further diversification across services including third-party vessel operations, harbour tugs, sand dredging and commercial ferries; give Bhagwan an established presence in North Queensland, with additional operations in Mackay and the Pilbara; and increase Bhagwan's revenue base from 40 per cent to 50 per cent, supported by long-term contracts and high barriers to entry.
Bhagwan Founder and Managing Director Loui Kannikoski said Riverside's, "highly complementary operations enhance diversification across service offerings, commodity exposure, and geographic presence."
