LONDON: European Green Transition plc (AIM: EGT) announces that in line with its strategy set out at IPO, EGT has entered into a share purchase agreement to acquire an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business in the UK and Ireland.
The O&M Business is being acquired from the court-appointed liquidators of Arena Capital Partners (“ACP“) (in liquidation) for a consideration of £3.5 million in cash .
The Consideration is being satisfied through existing cash resources and short-term bridging facilities. Further information on the Acquisition and bridging facilities is set out in this announcement.
The O&M Business includes a 100% interest in Earthmill Maintenance Ltd (“Earthmill“), based in Harrogate with depots in Scotland, Wales, and Cornwall, and an 85% interest in WEP Wind Energy Partnership Ltd (“WEP“), based in the Republic of Ireland, and its 100% owned subsidiary Silverford Engineering Ltd, based in Northern Ireland. This provides a broad operational footprint to serve over 900 wind turbines across the UK and Ireland. Each of these businesses have continued to trade profitably despite the challenges faced by the O&M Business’ parent company, ACP. The Acquisition also includes a 52% interest in Anemos Analytics Ltd (“Anemos“), which is a complementary condition monitoring software technology based in Scotland.
Key Transaction Highlights
· Acquisition of an established and EBITDA profitable critical infrastructure services platform focused on servicing onshore wind assets in the UK and Ireland
· In 2025 the O&M Business generated approximately £14.7 million revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million)
· Near-term and medium-term revenue visibility to deliver significant growth in 2026 and beyond:
o Repowering opportunity (replacing and upgrading ageing wind turbines with newer, more powerful and efficient models):
§ UK government policy changes took effect in summer 2025, lifting the onshore wind planning permission ban, creating a significant and immediate growth opportunity for repowering turbines across the UK
§ Heads of terms signed with approximately 50 clients to deliver new repowering projects (average approximately £450k contract value) providing a possible £19 million repowering pipeline visibility
§ The O&M Business’ management have identified approximately 280 additional qualified repowering prospects in the near future
§ Repowering contracts are often followed by multi-year operating, maintenance, repairing, and remote monitoring relationships, further strengthening longer term revenue visibility
o Core operating, maintenance, repairing, and remote monitoring business delivered £12.8 million revenue in 2025 across the O&M Business’ portfolio of over 900 turbines in the UK and Ireland, with multi-year relationships supporting recurring and repeatable revenue
· The Acquisition will be completed on a cash-free debt-free basis at what the Directors believe to be an attractive equity value of approximately £3.5 million, representing a 2.3x 2024 EBITDA multiple and a 3.9x 2025 adjusted EBITDA multiple
· The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital
· As a result of the Acquisition, EGT is now aiming to achieve a medium-term target of £50 million Group revenue and double-digit EBITDA margins driven primarily through organic growth and strategic bolt-on acquisitions across the critical infrastructure space in the UK, Ireland, and Europe, such as water, energy, roads, and data centres which will be funded from existing cash resources and a debt facility which the Directors expect will not pass more than 2x EBITDA
· From the first full year following completion of the Acquisition, EGT intends to adopt a progressive dividend policy, targeting annual dividend growth of approximately 5%
· To complete the Acquisition in an accelerated timeline, EGT entered short term bridge financing agreements with Raglan Road Capital Limited (“Raglan Capital“), Roaring Waters Capital Limited (“Roaring Waters“) and other parties for a total of £3.0 million (“Bridge Facilities“), further details regarding the Bridge Facilities and associated related party transaction are set out below
· The Company intends to launch a fundraise via a placing in due course to raise approximately £5 million (“Fundraise“). As set out below, £1.5 million of the Bridge Facilities will automatically convert into equity at completion of the Fundraise at the placing price to be determined (“Placing Price“). The Company has received a further cornerstone offer of up to £1.1 million from an additional investor to participate in the placing at the Placing Price. The Company has therefore received offers in aggregate for up to £2.6 million, representing up to 50% of the approximately £5 million placing in advance of the Fundraise
· Net proceeds from the Fundraise will be used to repay the remaining £1.5 million of the Bridge Facilities and provide additional working capital to support the continued development and growth of the business
· The Board believes this Acquisition represents an attractive opportunity to acquire a platform business unencumbered with debt and with scope for organic growth and margin accretion
Cathal Friel, Co-founder and Executive Chair of European Green Transition plc said: “I am delighted with this significant milestone in EGT’s strategy that we set out at IPO targeting the acquisition of high-potential, profitable critical infrastructure services businesses. We have been engaging with the management teams of Earthmill and WEP for the last 18 months and are delighted to have completed the acquisition of these businesses at what we believe to be an attractive valuation. The businesses are trusted partners, delivering high quality services to over 900 wind turbines across the UK and Ireland with recurring revenues and excellent near and long-term visibility to deliver significant revenue growth in 2026 and beyond. Furthermore, this platform allows the Company to continue its growth and expansion into related areas such as water, energy, roads, and data centres.
“We are acquiring these businesses at an exciting time following the removal of the defacto ban on onshore wind in the UK imposed by the Conservative government. This has created a significant and immediate repowering opportunity which involves replacing and upgrading ageing wind turbines. The business has signed approximately 50 heads of terms providing over £19 million of repowering revenue visibility with approximately 280 additional qualified prospects, which is in addition to its core operating, maintenance, repairing, and remote monitoring relationships.
“We have a new medium-term target of £50 million revenue and double-digit EBITDA margins, as we focus on free cash flow generation to support further strategic growth and ensuring we can pay a progressive dividend going forward. We believe this transaction positions EGT well to deliver value for shareholders going forward.”
Dave Broadbank, Managing Director of the O&M Business, said: “This is an exciting moment for both our business and EGT. We have a strong platform, a loyal client base and a huge opportunity ahead of us. Being part of EGT will enable us to move faster and drive long‑term growth, while staying focused on the quality and reliability our clients expect. Having been with the business for 15 years, I’m incredibly proud of the team and what we’ve built, and I look forward to the next phase where we can unlock further potential across all businesses within the Group.”
Background to the Acquisition and the O&M Business
An established & trusted platform in a growing market
The O&M Business provides annually recurring operations, maintenance, repairing and remote monitoring services to over 900 wind turbines together with repeatable retrofit upgrade programmes across the UK and Ireland. It is a trusted partner to its long-standing clients and has an established operational footprint, headquartered in Harrogate (UK) with regional depots supporting operations in Cornwall, Wales, Scotland, and Northern Ireland.
The business benefits from an experienced team of 78 professionals with deep sector expertise in Supervisory Control and Data Acquisition (SCADA) design, engineering, and asset management. The senior management at the O&M Business will continue in their roles led by Managing Director, Dave Broadbank. The business owns intellectual property for Endurance turbine models and maintains a strategic inventory of OEM (original equipment manufacturer) turbine parts valued at approximately £3.95 million (as at December 2025), ensuring rapid fault resolution and operational continuity. Through Anemos, the majority-owned condition monitoring software technology, clients benefit from predictive maintenance, reduced downtime, and improved energy yields.
Europe is one of the world’s largest wind markets, with about 285 GW of installed capacity expected to approach 450 GW by 2030, driven predominantly by onshore deployment and sustained policy support. As capacity grows and turbine fleets age, the base of assets requiring technical support continues to expand, increasing demand for operations, maintenance, repairing, and repowering services.
Trading history
The O&M Business generated approximately £14.7 million of revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million) for the financial year ended 31 December 2025 (unaudited) across contracted and recurring operating and maintenance (“O&M“), repairing, repowering projects, and condition-monitoring revenues. The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital.
Strong visibility to deliver significant revenue growth in 2026 and beyond
A core pillar of the O&M Business’s growth strategy is repowering, which involves replacing and upgrading ageing wind turbines with newer, more powerful and efficient models, increasing energy yield and power output. The UK Government’s strategy to accelerate onshore wind development which took effect in summer 2025 has driven a significant and immediate increase in repowering activity, as turbine owners seek to maximise feed-in-tariff revenues. This represents an attractive driver of both near-term project revenues and longer-term contracted, recurring income.
The O&M Business sales pipeline includes signed heads of terms for approximately 50 new repowering projects with average project values of approximately £450k, giving visibility over a possible £19 million repowering pipeline. By 2035, it is expected that over 50% of UK’s current onshore wind capacity will face decisions around repowering, and management have identified approximately 280 qualified repowering prospects in the near future.
This repowering opportunity is in addition to the core operating, maintenance, repairing, and remote monitoring business which delivered £12.8 million unaudited revenue in 2025 across the portfolio of over 900 turbines in the UK & Ireland. These multi-year relationships support recurring and repeatable revenue. Repowering is also often followed by multi-year O&M relationships, further strengthening longer term revenue visibility.
The O&M Business benefits from a favourable cash receipt model, with an element of upfront deposit fees and further cash received in advance of delivery of key milestones.
Medium-term strategy to achieve £50 million revenue and double-digit EBITDA margin
The Acquisition marks a pivotal milestone in the execution of EGT’s medium-term strategy to build a portfolio of revenue generating and profitable businesses in the critical infrastructure sector across the UK, Ireland, and Europe.
The Acquisition provides a platform to achieve EGT’s new medium-term target of £50 million revenue and double-digit EBITDA margins. The Company’s strategy to achieve this includes:
· Delivery of strong organic growth from the O&M Business by expanding the service offering across new and existing client relationships.
· Focus on targeted operational improvements and efficiencies to drive margin expansion.
· Focus on strong free cash flow generation to fund a progressive dividend policy from the first full year following completion of the Acquisition, targeting annual dividend growth of approximately 5%.
· Pursue a disciplined capital allocation policy for small, strategic bolt-on acquisitions to support expansion of services across the critical infrastructure sector in the UK, Ireland, and Europe, such as water, energy, roads, and data centres funded through operating cash flows supplemented by prudent leverage and deferred consideration of 1-2x EBITDA where appropriate.