LONDON: Renew Holdings (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, announced that its wholly owned subsidiary, Excalon Limited (“Excalon”), has acquired PWR-X Ltd (“PWR-X”) for a total consideration of £1.1m on a cash and debt free basis.
PWR-X is a provider of specialist cable jointing services to the power industry. This acquisition represents a strong strategic fit expanding Excalon’s capabilities and enhancing its offering in the high voltage power market.
The initial cash consideration of £0.75m has been funded from the Group’s existing banking facilities. The Group continues to evaluate, in line with its strategy, a pipeline of further acquisitions, a statement said.
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 on Engineering Services in the key markets of Rail, Infrastructure, Energy (including Wind and Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.