REG - Renew Holdings PLC - Acquisition of Route One

Renew HoldingsAnnouncement

09/04/2024 07:00

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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 (http://www.renewholdings.com/)

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