Mayfield Group Holdings Signs $4M Nilsen Switchboards Division Deal
Mayfield agrees to acquire Nilsen Switchboards Division in $4M cash acquisition
Mayfield Group Holdings (ASX: MYG) has entered into a binding Asset Sale Agreement to acquire the Switchboards Division of Nilsen (SA) Pty Ltd for $4.0 million cash, funded entirely from existing cash reserves.
The deal marks the Group’s third strategic acquisition in twelve months, advancing its Australian electrical infrastructure manufacturing strategy.
The scope covers the N-Series product platform and all associated intellectual property. Importantly, the Nilsen brand and corporate business operations do not form part of the transaction.
Key figures for investors include:
- $4.0M cash consideration, subject to completion adjustments
- Approximately 66 employees expected to transfer
- $3.9M of new Work-In-Hand
- Expected FY27 revenue base of $10-15M following completion
- Completion forecast on or before 31 July 2026
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A deal built on people, capability and capacity
According to Group management, the transaction is fundamentally about people, capability, capacity and growth. The acquisition includes the expected transfer of an experienced workforce of designers, estimators, project personnel and skilled tradespeople.
This comes at a time when specialist electrical manufacturing skills remain in high demand across Australia. Subject to completion, the workforce transfer is expected to accelerate utilisation of Mayfield’s Royal Park manufacturing facility.
Alongside the workforce, Mayfield will acquire the N-Series product platform, engineering documentation, manufacturing know-how, technical records and product designs. The N-Series range is described as a proven switchboard platform with applications across commercial, industrial, infrastructure, defence, mining, utilities and data centre markets.
The acquisition complements existing switchboard capabilities through Mayfield Industries and BE Switchcraft, broadening the Group’s ability to serve a wider range of customer applications from a single manufacturing platform.
Andrew Rowe, Group Chief Executive Officer, MYG
“This transaction is first and foremost about people and capability.”
“We expect to welcome an experienced team of designers, estimators, project professionals and skilled tradespeople to Mayfield. Their expertise, together with the transfer of the N-Series intellectual property and product platform, is expected to strengthen our manufacturing capability and support utilisation of our Royal Park facility.”
Strengthening the Royal Park manufacturing platform
The Royal Park facility was acquired by Mayfield in January 2026 to provide a scalable manufacturing platform supporting future growth objectives. This was a prior transaction, separate from the current Nilsen deal.
Subject to completion, the Nilsen Switchboards Division is expected to bring employees, intellectual property and project opportunities that will support utilisation of this facility while creating additional avenues for future revenue growth.
The acquisition provides Mayfield with:
- Employees expected to transfer with electrical manufacturing experience
- Customer contracts and project opportunities expected to transfer or support future work
- The N-Series intellectual property and product platform
- Additional engineering, estimating and project management capability
- Manufacturing know-how and technical documentation
- Enhanced capacity to pursue larger and more diverse switchboard opportunities nationally
Transaction terms and financial impact
The consideration payable is $4.0 million, subject to the usual price adjustments, and will be funded from existing cash reserves. Notably, no debt drawdown or equity issuance is required, making the acquisition non-dilutive for existing shareholders.
Completion is forecast on or before 31 July 2026, with assets and employees transferring on a staged basis through to 31 October 2026. This staged approach is designed to support a smooth transition into Mayfield while allowing Nilsen to meet its contractual obligations.
Completion remains subject to satisfaction or waiver of customary conditions precedent, including employee transfer thresholds. There is no certainty that completion will occur until those conditions have been satisfied or waived.
| Item | Detail |
|---|---|
| Transaction structure | Asset acquisition |
| Purchase price | $4.0M cash, subject to completion adjustments |
| Assets acquired | Expected transfer of employees, intellectual property, inventory, customer contracts, manufacturing assets and business records |
| Intellectual property | N-Series product platform and associated intellectual property |
| Completion | On or before 31 July 2026; staged transfer through to 31 October 2026 |
| Funding | Existing cash reserves, no debt or equity required |
What a switchboard platform means for investors
Switchboards and motor control centres are core components of electrical infrastructure. The N-Series platform has supplied switchboards and motor control centres across a wide range of Australian industrial, infrastructure and commercial applications. These end markets, spanning the energy transition, data centres, defence, and mining and resources, are areas where demand for reliable power distribution continues to grow.
For investors, acquiring a proven product platform, an experienced workforce and an existing customer pipeline creates a stronger platform for organic growth. The transferring $3.9M of Work-In-Hand provides near-term project visibility.
The Nilsen acquisition adds $3.9M of near-term project visibility to a group order book that has already seen work in hand climbs to $151M following $31 million in new contracts secured since March 2026, including a record $15.7 million data centre switchboard order.
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Investment thesis and outlook
The acquisition strengthens the investment case through a non-dilutive transaction expected to add a $10-15M FY27 revenue base, funded entirely from cash, with immediate workforce and intellectual property benefits.
As the Group’s third acquisition in twelve months, the deal reflects a consistent M&A strategy aimed at building a national electrical infrastructure platform. Mayfield operates advanced manufacturing facilities in Adelaide, Perth and Kalgoorlie, delivering integrated solutions through business units including Mayfield Industries, BE Switchcraft, SMEC Power & Technology, Power Parameters and ATI Australia.
The SMEC acquisition completion in April 2026 marked the Group’s second major transaction in twelve months, funded from cash reserves without an equity raise and adding underground mining electrical contracting to the portfolio alongside the existing Adelaide and Perth manufacturing base.
Oliver Mark Nilsen, Executive Chairman, Nilsen
“In Mayfield Group, we have found an organisation that understands the value of those relationships and shares our commitment to quality, safety and service.”
Key timeline milestones for the transaction are:
- Completion: on or before 31 July 2026
- Progressive employee and asset transfer: through to 31 October 2026
- Revenue contribution: FY27
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