Service Stream has agreed to buy Programmed, a facility management, asset maintenance and staffing group operating across Australia and New Zealand, from Japan's PERSOL Group for A$975m, the ASX-listed company said on 9 November 2026. The purchase price implies an enterprise value of A$1,092m.
Why Service Stream Limited (via Service Stream Holdings Pty Ltd) is buying Programmed (PERSOL Australia Holdings Pty Ltd and PERSOL APAC Business Support Services Sdn. Bhd.)
Service Stream said the acquisition would enhance its capabilities with end-to-end asset and facility management services, expand its addressable market across government and Tier 1 clients, and materially diversify its earnings. Programmed, established in 1951, serves about 5,000 active customers from around 200 locations, with about 6,600 employees and a work-in-hand position of about A$3.8bn in its facility management division. Managing director Leigh Mackender called the deal a significant milestone that brings together two businesses with highly complementary capabilities.
“The acquisition of Programmed marks a significant and exciting milestone in Service Stream’s journey, bringing together two businesses with highly complementary capabilities and supporting significant and sustainable value creation in support of our clients and shareholders.”
Deal terms and financing
Service Stream Holdings will acquire 100% of PERSOL Australia Holdings and PERSOL APAC Business Support Services from PERSOL Asia Pacific. The A$975m price is subject to working capital and debt adjustments and may fall by up to A$25m if Programmed misses an EBITDA hurdle for the year to March 2027. The acquisition is funded by a fully underwritten A$219m institutional placement and a A$256m accelerated entitlement offer at A$2.03 a share, A$490m from debt facilities increased from A$395m to A$895m, and A$50m of cash. Pro forma net debt is expected to be 2.2 times EBITDA at completion.
Regulatory approvals and timing
Completion is expected on or around 1 March 2027, subject to ACCC approval and other customary closing conditions.
Market context
PERSOL acquired Programmed in 2017. Service Stream said the combined group had FY26 pro forma revenue of about A$6,155m and EBITDA from operations of about A$312m before synergies. It expects about half of the A$30m of synergies within 18 months of completion and all of them within 36 months, with one-off integration costs of about A$35m.
