Service Stream enters into agreement to acquire RiE Group

Service Stream is pleased to announce that it has entered into an agreement to acquire Queensland-based RiE Group. 

RiE is a specialised high-voltage electrical and instrumentation business servicing the oil and gas, power generation and renewable sectors. The business generates approximately $13m in annual revenue and employs between 60 and 120 employees during peak outage periods. While being Queensland-based, RiE operates across key industrial regions including the Surat Basin, Darling Downs and Gladstone regions. 

Service Stream Managing Director, Leigh Mackender, says the acquisition of RiE aligns with Service Stream’s ongoing strategy to grow and diversify the business. It will expand Service Stream’s geographical presence across adjacent markets and establish strong relationships with blue-chip asset owners. 

“This acquisition reflects a strategic addition to our growing utility operations at a time where the energy transition is providing increasing opportunities now and into the future,” said Leigh. 

“The expansion of capabilities across the industrial services sector reflects one of many growth areas being targeted as we look to continually expand the Group’s total addressable markets.”

Service Stream will make an initial payment of $6.5 million, subject to a purchase price adjustment based on the final net working capital position at completion. An additional cash consideration of up to $1.5 million may be paid on a pro-rata basis if the minimum financial performance threshold for FY27 is exceeded. 

Subject to conditions, Service Stream anticipates completing the transaction in or around August 2026.