Australia is entering a sustained period of investment in its naval capability. An ageing and expanding Royal Australian Navy fleet, driven by AUKUS and a more contested Indo-Pacific, is fuelling structural demand for maritime sustainment, with spending on fleet maintenance forecast to grow around 10 per cent a year over the next decade.

The demand is largely non-discretionary, with vessels requiring ongoing maintenance, while skilled tradespeople remain in short supply, particularly in regional centres such as Darwin and Cairns.

Griffin has built its business to meet this demand, with a large, skilled and nationally deployable workforce that has driven repeat and growing work from tier-one defence primes.

“Griffin is exactly the kind of business ABGF exists to back: Australian-grown, nationally significant and building the skills and sovereign capability our nation needs,” said Anthony Healy, Chief Executive Officer of ABGF.

Griffin’s capabilities span specialised welding, fabrication, blasting and painting, sheet metal, insulation, mechanical fitting, pipework and HVAC. Its workforce includes more than 30 coded welders, providing a scale and level of qualification that is difficult for competitors to replicate.

Responsiveness is the key factor customers use to award work, and Griffin’s national footprint allows it to mobilise quickly, follow the fleet between ports and capture additional work identified once a vessel is docked.

Griffin also provides precision machining to the resources and industrial sectors through Westurn Engineering, as well as HVAC and refrigeration services through Keisan Refrigeration. Its more than one hundred customers include leading defence primes such as Austal, Thales, Babcock and NORSTA, alongside commercial operators such as Princess Cruises, Royal Caribbean, MSC, Svitzer, Ventia and Bhagwan Marine, across Australia and the Pacific.

“Over the last few years, we’ve worked hard to build a business with a strong national footprint, including in regional Australia, diverse technical capabilities, and a reputation for delivering for our customers,” said Chris Stoll, Chief Executive Officer of Griffin. “This investment gives us the capacity to continue investing in our people, broaden our capabilities, and strengthen the support we provide to customers across the country.

“We believe ABGF is a partner that understands our business and culture, shares our long-term view, and will help us accelerate the next stage of growth. Together, we can strengthen our capability across Australia, invest in leadership and systems, and pursue acquisition opportunities that align with our culture and long-term objectives.”

“We are proud to achieve this milestone of securing a strategic investment by ABGF, whose purpose is to back Australian businesses in critical industries,” said Michael Sertorio, Chair of Griffin. “It is a recognition of the great work and commitment of our people around the country and enhances our ability to meet the future needs of our clients across defence, infrastructure and resources.”

With ABGF’s support, Griffin will strengthen its leadership and operating platform, broaden its capability and geographic reach, expand into shipbuilding, and pursue a disciplined acquisition strategy to build a national maritime sustainment platform of scale. The investment aligns with the National Defence Strategy and ABGF’s mandate to back high-growth Australian businesses that support sovereign capability — strengthening the industrial base behind Australia’s naval fleet while preserving the owner-led culture that built Griffin.

“Australia needs strong sovereign businesses to deliver its defence ambitions. ABGF is committed to backing the companies and founders building the skills, technology and capability to make that happen,” Mr Healy said.

ABGF was advised by Becketts, Magpie Advisory and PKF Perth. The investment was also supported by Griffin’s bank, Westpac (with thanks to Steve Govorko and Luke Gregory).