GenusPlus Group signed a binding agreement on 4 March to acquire Railtrain Holdings, a privately owned national rail services provider, for A$36.5m in cash plus earn-outs that could lift the total to A$55m.
Why GenusPlus Group Ltd is buying Railtrain Holdings Pty Ltd
Managing director David Riches said Railtrain was a highly logical acquisition that would add critical scale and expand the geographical and service capability of Genus' existing MGC rail business, as part of its strategy to expand into rail infrastructure.
Deal terms and financing
Genus pays A$36.5m upfront to entities associated with Railtrain's four principals, with up to A$8.5m more if EBITDA reaches A$15m in calendar 2026 and up to A$10m if it reaches A$20m in 2027. Genus said the price equated to 2.75 times EV/EBITDA if the maximum earn-out is paid; the 20% minority in Railtrain's WIRED subsidiary is acquired at completion.
Regulatory approvals and timing
Genus announced completion on 1 April 2026 (ASX release, 1 April 2026).
Market context
Founded in 2010, Railtrain has about 300 staff and six offices or depots. Broker Bell Potter raised its price target on Genus to A$9.50 after the deal, citing earnings accretion.
