Steve Boland on Elevating Construction Standards

Steve Boland on Elevating Construction Standards When Steve Boland took the helm as CEO of Acrow 12 years ago, he knew he was inheriting a business in transition — but even seasoned executives can be surprised by the scale of a challenge. What he found was a company mired in legacy issues, struggling under a weight of unprofitable contracts and lacking a clear direction. Acrow, a provider of commercial scaffolding and formwork solutions, had recently been acquired by a private equity firm seeking to turn it around.

“Coming in, I knew it wasn’t going to be easy,” Boland reflects. “But honestly, it was worse than anticipated. It really was a classic rescue operation.”

For Boland, survival became the first mandate. The initial years were about nothing more than stabilizing operations and getting the business back into the black.

“It was about laying down solid foundations,” he says. “We had to stop bleeding cash and start making consistent, sustainable profits.”

At that time, Acrow operated two distinct arms: a lackluster commercial scaffolding division and a more promising formwork hire business centered in Queensland. While the scaffolding segment offered little strategic value, the formwork arm showed signs of scalability — but only within a very limited footprint.

“The formwork business in Queensland was performing well, but it was isolated,” Boland notes. “We didn’t have the capital or the strategic backing to expand beyond that state.”

Change came in 2017 when Acrow made the bold decision to list on the Australian Securities Exchange (ASX). For Boland and his team, it was a pivotal moment — one that transformed not just their access to funding, but their entire outlook.

“Going public was transformative,” he says. “It gave us credibility, long-term vision, and the resources to execute our strategy properly.”

With newfound financial flexibility, Boland steered the company away from the commoditized scaffolding market and doubled down on the higher-margin, scalable formwork hire model. It was a strategic pivot that would define the next chapter of Acrow’s evolution.

“That shift in strategy was critical,” Boland explains. “We moved from being a local player with scattered offerings to a national formwork specialist. That’s when things really started accelerating.”

As the company rolled out its Queensland model across the country, momentum built steadily. What began as cautious expansion soon turned into aggressive growth. Financial performance followed suit.

“We went from around US$6.5 million EBITDA to over US$50 million in a relatively short time,” Boland says. “Revenues have surged past US$175 million, and we’re now the undisputed market leader in formwork hire and sales in Australia.”

Today, Acrow holds an estimated 60–70% share of the Queensland formwork market and is rapidly expanding its presence in other states. The company has outpaced its competitors by a significant margin, consolidating its position as Australia’s top formwork provider.

“We were once fourth in the market, and now we’re comfortably number one,” Boland says with pride. “Our formwork revenues alone likely exceed those of the next three players combined.”

The timing couldn’t be better. With major infrastructure projects lined up ahead of the 2032 Brisbane Olympics, Acrow is strategically positioned to benefit from a surge in construction activity.

“This is going to be a massive economic catalyst for Queensland,” Boland says. “And we’re fully prepared to meet the demand. We’ve invested in equipment, people, and systems to ensure we’re not just participating — we’re leading.”

Beyond operational success, Boland attributes Acrow’s transformation to a clear-eyed focus on leadership and culture. He emphasizes the importance of aligning the organization around shared goals and empowering teams to innovate.

“Leadership is about creating clarity and consistency,” he says. “You have to set a vision that people believe in, and then give them the tools and autonomy to make it real.”

Under his guidance, Acrow has also embraced technological advancements to drive efficiency and elevate service standards. From digital inventory tracking to predictive maintenance tools, Boland has championed innovation as a cornerstone of competitive advantage.

“We’re not just moving equipment — we’re delivering engineered solutions,” he says. “Technology allows us to be faster, smarter, and more responsive to our clients’ needs.”

That mindset has helped Acrow differentiate itself in a traditionally low-margin sector. By offering precision-engineered formwork systems and supporting them with expert consultation, the company has positioned itself as a trusted partner, not just a supplier.

Looking ahead, Boland sees opportunities not only in Australia but also in adjacent markets. While he remains focused on consolidating Acrow’s domestic dominance, he’s exploring pathways for regional expansion.

“Australia is our core, but there are lessons here that translate,” he says. “We’re building a model that others in the region could benefit from — whether that’s through partnerships or future acquisitions.”

As Acrow continues to scale, Boland is committed to maintaining the company’s core values: integrity, innovation, and customer-centricity.

“Growth is exciting, but it’s only meaningful if it’s sustainable,” he concludes. “We’re building something enduring — a company that raises the bar for the entire construction ecosystem.”

For C-suite leaders navigating their own transformation journeys, Boland offers a simple yet powerful insight: clarity of purpose, backed by disciplined execution, can turn even the most challenged businesses into industry leaders.