Saunders International Limited (ASX: SND) has entered into a Share Sale Agreement to acquire 100% of Aqua Metro Pty Ltd and its associated entities for up to $30 million, marking a significant step in Saunders’ long-term growth strategy.

Aqua Metro is a Victoria-based leader in water infrastructure services, delivering major programs for utilities and government agencies. The business generates strong annuity-style revenue through long-term agreements and brings a proven track record, a skilled workforce of more than 100 people and an extensive client base. With a $411 million order book and a pipeline exceeding $1.4 billion, Aqua Metro adds scale and specialist capability across hydraulics, mechanical, civil and water infrastructure.

Operating as Saunders Aqua Metro, the business will continue to service existing clients and framework panel agreements through to 2028. Saunders is committed to preserving the strong culture, customer relationships and operational excellence that have underpinned Aqua Metro’s success. Following completion, Aqua Metro’s management team and personnel will remain in their current roles, ensuring continuity and stability.

The Victoria-based team will continue to lead local operations, while Manish Pancholi will join the Saunders Leadership Team as Executive Vice President, Saunders Aqua Metro. With clear synergies between the two businesses, the integration is expected to deliver long-term value creation.

Saunders’ Managing Director and Chief Executive Officer, Mark Benson, said:
“We are pleased to welcome Aqua Metro to the Saunders Group. Over the past few years, we’ve developed a strong working relationship through project delivery and identified clear cultural alignment. This acquisition strengthens our capabilities in the water sector and enhances the value we deliver to clients. We are proud to partner with Marcus, Manish and the Aqua Metro team as we embark on this next exciting phase of growth together.”

Aqua Metro’s management team, including owner Marcus Wade and Chief Executive Officer Manish Pancholi, commented:
“We are excited to join Saunders. Our shared values and complementary capabilities make this a natural fit. Together, we’re positioned to deliver even greater results for our customers, enhance our service offering and accelerate our growth journey.”

This transaction further strengthens Saunders’ multidisciplinary capability across Defence, Water, Energy and Resources, positioning the Group to deliver greater outcomes for clients and communities nationwide.

You can access the ASX Announcement via our Investor Centre.