Gilbert + Tobin has advised ASX-listed GenusPlus Group (GenusPlus) on its acquisition of Railtrain Holdings, a national rail infrastructure services provider headquartered in Perth, in a transaction valued at up to $55 million.
GenusPlus is a specialist provider of end-to-end essential power and communications infrastructure services across Australia. Railtrain, established in 2010, delivers specialist rail services including overhead wiring, signalling and electrical works, rail maintenance and construction, and workforce solutions to rail operators and infrastructure owners. The business employs approximately 300 personnel and operates across Western Australia, Queensland and New South Wales.
The acquisition represents Genus’ largest acquisition to date and marks a significant milestone on its strategic expansion into the rail infrastructure sector. Following Genus’ entry into rail in 2024, the transaction supports its strategy to integrate Railtrain with its existing MGC rail business, enhancing the group’s scale and technical capability and ability to provide a more comprehensive service offering to its customers nationally.
Under the terms of the transaction, GenusPlus will pay $36.5 million upfront, with additional performance-based consideration of up to $18.5 million linked to earnings targets over the 2026 and 2027 calendar years. The structure includes a combination of cash payments and (at GenusPlus’ election) a final equity component.
The acquisition enhances GenusPlus’ scale and geographic reach in the rail sector and supports its broader diversification strategy as it continues to expand nationally.
G+T advised GenusPlus on all aspects of the transaction, including transaction structuring, due diligence, negotiation of the acquisition documentation and implementation of the contingent consideration arrangements.
The G+T team was led by Corporate Advisory partner, Justin Mannolini and supported by Janelle Sputore and Alana Cristinelli.
Justin commented:
This transaction marks an important milestone in Genus’ growth strategy and reflects continued investment and consolidation in Australia’s infrastructure services market. We were delighted to work alongside the GenusPlus team on this transformational acquisition and to support the next phase of its expansion in the rail sector.
