Renew buys electricity design specialist EDES for up to PS9.0 million
Renew Holdings PLC on Tuesday said it has acquired Electricity Distribution Engineering Services Ltd, a high voltage engineering design service provider, for up to £9.0 million.
Renew is a Leeds, England-based engineering services group that provides maintenance for infrastructure networks in the UK. The deal was agreed by wholly owned subsidiary Excalon Holdings and will be completed on a cash and debt free basis.
Manchester, England-based EDES provides high voltage engineering services to the energy distribution market for both underground and overhead lines.
Renew said the deal allows it to provide ‘increasingly specialist’ electricity engineering services.
The firm said the initial cash consideration of £6.5 million has been funded from its existing banking facilities and is based upon a ‘sustainable’ earnings before interest, tax, depreciation and amortisation of £650,000.
Additional payments of up to £2.5 million are conditional upon the vendors remaining with the business for an agreed period and profit targets being achieved.
Renew said the deal will be immediately earnings enhancing. It said it retains a strong balance sheet and continues to evaluate a pipeline of further acquisitions.
‘This acquisition represents a strong strategic fit for the group, bolstering our existing, well-established position in the regulated energy market,’ said Chief Executive Officer Paul Scott.
Shares in Renew were up 0.8% at 895.00 pence on Tuesday morning in London.
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