Founded by Stephen Young in 1999, the business has built up a portfolio of companies providing critical maintenance and support to owners of mines and other large stationary assets across Australia. The businesses’ end markets include iron ore, gold, copper, gas and coal. Today, around 95% of group revenue is generated from recurring maintenance work; Tasmea is the customer’s first call when something goes wrong.

Over the summer we welcomed Young to our offices for an investor event. He remains Tasmea’s CEO and owns 55% of the equity. Young is a self-made entrepreneur and son of an Army family, who trained as an accountant specialising in turnarounds cases. He initially worked for a small business that he purchased off the senior partners aged 26, before selling it to Arthur Andersen. Young worked for AA for several years but felt like “an entrepreneur stuck at a large accountancy firm” so made a deal in the late-1990s to spin-out his team, founding what became Tasmea in 1997.

Having led businesses for almost 50 years, Young emphasises the importance of creating an environment where people want to work and want to do their best. This philosophy is key to Tasmea’s decentralised operating model and helps explain their strong track record of both organic growth and successful acquisitions.

Tasmea’s excellent FY26 results in August concluded a strong first two years of performance since its IPO, which saw Tasmea’s share price increase sixfold. Revenue increased by 136%, supported by both acquisitions and organic growth. Group EBITA increased 54%, with underlying organic EBIT growth of 18%. Management also upgraded guidance, demonstrating their confidence in current trading conditions.

Acquisitions are a key part of Tasmea’s growth strategy. Tasmea has built a solid reputation for acquiring service businesses at attractive valuations and integrating them effectively without compromising growth. The recently announced acquisition of Maxim Group, an Australian electrical contractor, is Tasmea’s largest transaction to date and is expected to increase group EBIT by 27%. Crucially, Maxim’s largest market is data centres, where demand is high but supply of quality contractors is tight. Management have indicated that more acquisition opportunities are under consideration and there is still a substantial runway for growth.

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Please also note that the value of investments and the income you get from them may fall as well as rise, and there is no certainty that you will get back the amount of your original investment. You should also be aware that past performance may not be a reliable guide to future performance.