RNWH.L

Renew Holdings Plc
Renew Holdings PLC - Acquisition of Route One
9th April 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQQKFBKFBKDCQK]]>
TwitterFacebookLinkedIn