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PKF Perth shares FY26 Corporate Finance review
PKF Perth reviews FY26 M&A, capital raising and advisory activity in WA, highlighting energy transition investment and its FY27 outlook.
During FY26, PKF Perth’s Corporate Finance team advised clients on transactions and strategic initiatives across resources, infrastructure, industrial services, defence and the energy transition. Its work included mergers and acquisitions (“M&A”), capital raisings, business valuations and corporate advisory engagements.
PKF acted as lead financial adviser on four completed private market M&A transactions, with another two transactions pending completion at the time of the report. These clients operated across the industrial services, energy and technology sectors, with transaction multiples in the range of 4–8x EBITDA.
PKF’s Corporate Tax specialists and Wealth Management team also advised business owners on the tax and wealth implications of these transactions. The mandates covered a range of activities within WA’s economy and its mid-market business sector.
Strategic acquirers contributed to M&A activity
During FY26, strategic acquirers continued to pursue growth through acquisitions. PKF reported interest in WA from strategic acquirers and investors based in the eastern states and overseas.
According to PKF, economic conditions, resources activity, infrastructure investment and energy transition projects are contributing to business activity across the state.
PKF advised on several sell-side transactions involving strategic buyers.
PKF acted as lead financial and tax adviser to the shareholders of NGIS, a geospatial technology specialist, on the sale of the company to France-based satellite services provider CLS Group.
PKF was lead financial and tax adviser to the shareholders of Amanda Energy Solutions on the sale of the company to Perdaman Energy.
The firm was also lead financial adviser to the shareholders of APT Water, a distributor of fluid handling equipment and pump systems, on the sale of the company to Sweden-headquartered AxFlow, part of the international Axel Johnson Group.
These transactions shared several common themes. According to the firm, acquirers focused on businesses offering WA market exposure, specialised expertise, established customer relationships and the capacity to expand their operations. PKF reported continued buyer interest in businesses providing essential services, proprietary technologies and specialised capabilities.
Buyer interest continued during the year, while transaction timelines increased. As global volatility and uncertainty increased, strategic acquirers and investors adopted a more cautious approach and conducted additional due diligence before proceeding to completion.
As a result, transaction processes that historically took between six and nine months increasingly extended to typically nine to twelve months from engagement through to settlement. PKF recommends that business owners considering a future transaction begin preparing and planning at an early stage.
Capital activity in the energy transition sector
PKF reported investor interest in the resources, energy and sustainability sectors during FY26, including precious metals and critical minerals.
PKF was appointed as lead adviser on a US$400 million equity and debt capital raising mandate for a waste-to-energy project focused on decarbonisation and renewable infrastructure.
Its Corporate Finance team also acted as lead adviser to Magellan Power on a $15 million equity capital raising from Viburnum Funds for its activities in energy storage and power systems manufacturing.
According to PKF, sustainability and the energy transition continue to influence investment decisions, capital deployment and transaction activity across WA.
PKF reported capital investment in these segments, alongside the establishment of private equity, ESG, impact and green funds focused on the sector.
Activity across infrastructure and industrial services
While major transactions attracted attention throughout FY26, PKF’s corporate advisory work extended beyond deal execution.
The team advised businesses across the resources, construction, mining services, electrical services, industrial, defence, consumer, technology and energy sectors, delivering a broad range of valuation and corporate advisory engagements.
The team advised a resources exploration company on funding and business development initiatives and assisted a drone logistics business seeking capital from institutional investors. Its work also included evaluating funding options and business strategies across several sectors.
PKF reported that some business owners are seeking advice before beginning a formal transaction process. According to PKF, middle-market business owners are considering their strategic options at an earlier stage, including transaction planning, tax structuring and preparation. During the year, PKF undertook mandates across several industries within WA’s economy.
Outlook for FY27
PKF expects transaction activity to continue into FY27, particularly across resources, mining services, industrials, infrastructure and the energy transition.
Private equity activity is likely to increase as investors continue to pursue geographic diversification and exposure to WA’s economy. The firm also expects strategic acquirers to continue using acquisitions to expand their capabilities, local service offerings and workforce expertise.
It identifies succession planning as another expected area of activity. Many founder-led and family-owned businesses are approaching a transition point, and PKF expects a growing number of strong businesses to come to market as owners consider retirement and ownership succession options, particularly following the new proposed CGT rules.
Based on current economic conditions, investor activity and its transaction pipeline, PKF expects continued activity in WA’s mid-market M&A sector during FY27.
