Renew Holdings PLC - Leeds, England-based engineering services group - Wholly-owned subsidiary Excalon Holdings Ltd acquires Cheshire, England-based overhead lines specialist Emerald Power Ltd for up to £12.3 million total consideration. Says Emerald is focused on the maintenance and upgrade of northwestern distribution network operators’ electricity networks, and acquiring it enables Exalon’s expansion into ‘the fast-growing overhead line maintenance and repair market across voltages ranging from 11kV to 132kV’. ‘Emerald’s expertise and established relationships will strengthen the Group’s position in the regulated electricity distribution sector, ’ Renew says. Consideration comprises an initial £7.8 million, funding from its existing banking facilities. The remaining £4.5 million is conditional upon ‘the vendors remaining with the business and specific profit targets being achieved’. Renew says the transaction will be immediately earnings-enhancing, and that it continues to have a strong balance sheet and to evaluate a pipeline of further acquisitions.
Chief Executive Officer Paul Scott says Renew is ‘now increasingly well placed to capitalise on the significant levels of investment being directed into the market in support of the government’s commitment to decarbonising the UK’s electricity grid before 2030’. ‘I am delighted to welcome the highly regarded Emerald Power team into the Renew family and I look forward to updating the market on the further progress made in this exciting sector in due course,’ he adds.
Current stock price: 938.00 pence, up 2.1% on Monday morning in London
12-month change: down 15%
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