CENTURY-old Brisbane company Riverside Marine has been acquired by the expanding, WA-based Bhagwan Marine which describes the deal as “a step-change in scale and scope”.
In an announcement to the ASX dated 9 February, Bhagwan Marine Limited stated it had entered into a share sale and purchase agreement to acquire 100% of Riverside Marine Holdings Pty Ltd on a debt-free, cash-free basis with a normal level of working capital, for an enterprise value of up to $130 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: Riverside Industrial Sands, Magnetic Island Ferries, Riverside Marine Townsville, Riverside Oceanic and Rivtow Marine (Hay Point tugs).
The Riverside group has long-standing clients within the industrial resources, scientific research, transport and logistics sectors. Riverside is forecasting FY26 revenue of $63 million and EBITDA of $26m, Bhagwan says.
The upfront purchase price of $120m is funded by a $70m three-year debt facility, $20m, in vendor equity and a $30m institutional share placement (already completed). The total consideration includes a linear earn-out of up to $10m triggered once Riverside EBITDA reaches $25.2m and capped at $27.2m.
Commenting on the acquisition, Bhagwan's founder and managing director Loui Kannikoski said it was a transformational milestone for the company: “Riverside is an excellent strategic and cultural fit. Its highly complementary operations enhance diversification across service offerings, commodity exposure and geographic presence, creating meaningful synergies that strengthen our collective capabilities.
“Riverside’s high-quality recurring revenue, underpinned by long-term contracts, industry-leading EBITDA margins, and a capital-light business model, strengthens our ability to generate free cash flow and deliver sustainable earnings growth for shareholders,” Mr Kannikoski said.
“We are excited by the company’s long-term growth opportunities and warmly welcome the Campbellfamily and the Riverside team to Bhagwan.”
Riverside CEO, Angus Campbell, said: “This marks an important next chapter for Riverside Marine. Bhagwan shares our values and long-term vision. This transition positions the business for sustainable growth while preserving the culture and relationships that define who we are.”
Bhagwan chairman, Anthony Wooles, added: “This is a highly significant transaction for Bhagwan and reflects the company’s dedication to achieving value-creating growth. We feel great pride in the fact that the Campbell family would entrust Bhagwan with their Riverside business going forward, a reflection of mutual trust and shared values, built over many decades of joint dedication to the marine sector in Australia.
“The transaction delivers continued scaling of our operations through targeted acquisitions, a key pillar of our corporate strategy.
“We were very pleased to see the capital raising strongly oversubscribed. On behalf of the Board, I thank existing shareholders for their ongoing support and I am delighted to welcome new private and institutional investors to the register, particularly the Campbell family as significant shareholders.”
Strong strategic alignment: Highly complementary service offerings.
Strong cultural alignment: A long-standing reputation for safety and operational excellence. Vendors to become significant shareholders and leadership to remain in the Riverside business to support continuity of operations.
Further diversification across services: Including third-party vessel operations, harbour tugs, sand dredging and commercial ferries.
Increased geographic spread: An established presence in North Queensland, with additional operations in Mackay and the Pilbara.
Diversification of commodity exposure: Including iron ore, metallurgical coal & industrial sand.
88% repeatable revenue: Increases Bhagwan’s recurring revenue base from ~40% to ~50%, supported by long-term contracts and high barriers to entry.
Market-leading EBITDA margins: ~40%, with sustaining capital expenditure of approximately 30%–35% of EBITDA .
Capital-light business model: Riverside is focused on vessel management and operations in addition to ownership, generating high-quality revenue with limited capital expenditure requirements.
High free cash flow: Riverside FY26 forecast EBITDA of $26.2m, no vessel lease payments and annual maintenance capex of $7m–$8m .
Bhagwan’s financial results for the six months ending 31 December 2025 will be released on 26 February 2026.