[NEWS]
SEE Group secures $67 million investment from Ellerston Capital to accelerate growth
MEDIA RELEASE
11 November 2025
View this article in The Australian
SEE Group, a civil construction and mining services company operating in QLD and NSW, has completed a $67 million investment from Ellerston Capital’s Industrial Growth Platform.
The investment will provide growth capital to continue to expand SEE Group’s heavy plant and fleet and strengthen its mining and civil infrastructure capability. This will allow the business to increase capacity for existing clients, enter new markets and pursue larger, more complex projects.
Following the company’s acquisition of Hall Civil earlier in 2025, the additional capital will also position SEE Group to target further value-adding acquisitions aligned with its growth strategy. The business is forecast to exceed $800 million in revenue in FY26.
Following the transaction, Ellerston Capital will hold a minority shareholding in the business. Ellerston Capital Investment Partner, Mark Paton, will join the Board as a Non-Executive Director. The existing Board and management team will remain unchanged, with SEE co-founder Steve Turner having transitioned from Managing Director to Executive Chairman earlier this year.
Established in 1988 and headquartered on the Gold Coast, SEE Group is one of Australia’s leading civil construction and mining services providers, with operations across Queensland and New South Wales. Employing more than 800 people, the Group was recognised as a Certified Great Place to Work in 2025, reflecting the strength of its people and culture.
The family-built group comprises SEE Civil, SEE Mining, SEE Fleet, and SEE Quarry, which work together to deliver significant infrastructure, urban development, and mining projects for government and private sector clients.
SEE Group CEO Joel Barnes said the investment was a significant milestone for the company and a strong endorsement of its people, culture, and performance
“Ellerston is one of Australia’s leading investors, and this partnership represents a strong vote of confidence in our strategy, whilst allowing us to continue to operate as an independent, family-built business,” Mr Barnes said.
“The investment will support our targeted growth, particularly our expansion into mining through SEE Mining and our heavy fleet capability through SEE Fleet, positioning us to take on even more substantial projects in the years ahead.
“The partnership with Ellerston allows us to continue building a business that combines regional capability with national scale.
“With additional fleet capacity, new project opportunities, and a continued focus on innovation and sustainability, we’re well positioned to take SEE Group into its next chapter of growth.”
Ellerston Capital Investment Partner Mark Paton said SEE Group represented a compelling opportunity to invest in a proven operator with a strong growth outlook.
“SEE Group is a high-quality business with an exceptional management team, a clear strategy, and a significant portion of forward revenue already secured,” Mr Paton said.
“Its vertically integrated model provides a genuine competitive advantage in delivering large-scale infrastructure and mining projects efficiently and cost-effectively. This investment aligns strongly with our Industrial Growth Platform’s mandate to back leading Australian businesses in the industrial and infrastructure sectors.
“We’re excited to partner with Joel and the team to support their next phase of growth, as SEE Group strengthens its market position and expands its capability.”
The investment further demonstrates Ellerston Capital’s ongoing commitment to supporting high-quality Australian mid-market businesses through its Industrial Growth Platform, which targets long-term value creation alongside experienced management teams in the industrial, infrastructure, and services sectors.
