Renew Holdings PLC Acquisition of Route One
09 April 2024 - 4:00PM
RNS Regulatory News
RNS Number : 7580J
Renew Holdings PLC
09 April 2024
9
April 2024
Renew
Holdings plc
("Renew" or the "Group" or
the "Company")
Acquisition of Route
One
Renew (AIM: RNWH), the leading
Engineering Services Group supporting the maintenance and renewal
of critical UK infrastructure, is pleased to announce that its
wholly owned subsidiary, Carnell Group Holdings Ltd, has acquired
Route One Holdings (Wakefield) Ltd for an Enterprise Value of
£5.0m. Based in West Yorkshire, Route One is a multi-disciplinary
specialist engineering business operating in the UK Highways sector
providing end-to-end solutions for bridge deck maintenance and
protection. Route One has a number of long-term frameworks on the
National Highways Scheme Delivery Frameworks across England. The
cash consideration will be funded from the Group's existing cash
resources, and there is no deferred or contingent consideration
payable.
The Acquisition represents an
excellent strategic fit for the Group. Route One will expand
Carnell's offering by adding new capabilities to the Group's
highways business, with particular expertise in bridge and
structures maintenance and repairs. The UK Government's planned
investment in the next Road Investment Strategy (RIS3) from 2025 to
2030 will provide good growth opportunities, where the structures
renewal programme has been identified as a key priority.
For further information, please
contact:
Renew Holdings plc
|
www.renewholdings.com
|
Paul Scott, Chief Executive
Officer
|
via FTI
Consulting
|
Sean Wyndham-Quin, Chief Financial
Officer
|
020 3727
1000
|
|
|
|
|
Deutsche Numis (Nominated Adviser and Joint
Broker)
|
020 7260
1000
|
Stuart Skinner / Kevin
Cruickshank
|
|
|
|
|
|
Peel
Hunt LLP (Joint Broker)
|
020 7418
8900
|
Ed Allsopp / Pete Mackie / Charlotte
Sutcliffe
|
|
|
|
|
|
FTI
Consulting (Financial PR)
|
020 3727
1000
|
Alex Beagley / Tom Hufton / Amy
Goldup / Matthew Young
|
Renew@fticonsulting.com
|
About Renew Holdings plc
Renew is a leading UK Engineering
Services business, performing a critical role in keeping the
nation's infrastructure functioning efficiently and safely. The
Group operates through independently branded subsidiaries across
its chosen markets, delivering non-discretionary maintenance and
renewal tasks through its highly skilled, directly employed
workforce.
Renew's activities are focused into
two business streams: Engineering
Services, which accounts for over 95 per cent of the Group's
adjusted operating profit, focuses on the key markets of Rail,
Infrastructure, Energy (including Nuclear) and Environmental which
are largely governed by regulation and benefit from
non-discretionary spend with long-term visibility of committed
funding.
Specialist Building focuses on
the High Quality Residential, Landmark and Science markets in
London and the Home Counties.
For more information please visit
the Renew Holdings plc website: www.renewholdings.com
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