REG - Renew Holdings PLC - Acquisition of Edwards Diving Services Limited

Renew HoldingsAnnouncement

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RNS Number : 4917C  Renew Holdings PLC  30 April 2026

30 April 2026

Renew Holdings plc

("Renew" or the "Group")

 

Acquisition of Edwards Diving Services Limited

Renew expands its specialist water services capability

 

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, Envolve Infrastructure Limited ("Envolve"),
has acquired Edwards Diving Services Limited ("EDS") for a total consideration
of up to £13m on a cash and debt free basis.

EDS, based in Wales, is a provider of specialist marine and civil engineering
services to the water industry, utilising in-house design and fabrication
capability to deliver complex engineering solutions within challenging
environments. This acquisition represents a strong strategic fit as well as
expanding the Group's capabilities by taking Envolve, and the wider Group,
into increasingly specialist water services, providing further growth
opportunities as momentum builds within the AMP8 control period.

Initial cash consideration of £10m has been funded from the Group's existing
banking facilities and is based upon a sustainable EBITDA of £1.3m.
Additional cash consideration of up to £3m is conditional upon the vendors
remaining with the business for an agreed period and specific profit targets
being achieved.

The acquisition will be immediately earnings enhancing. The Group retains a
strong balance sheet and continues to evaluate a pipeline of further
acquisitions, in line with its strategy.

Paul Scott, Chief Executive Officer of Renew, commented:

"This acquisition expands our services into the exciting specialist water and
environmental sectors, bolstering our existing, well-established position in
the regulated water maintenance and renewal market. As we move into the second
year of the AMP8 control period, we are increasingly well placed to capitalise
on the significant level of investment, underpinned by a wider environmental
protection focus on waterways and marine investment.

"I am delighted to welcome the highly regarded EDS team into the Renew family
and I look forward to updating the market on the further progress in due
course."

More information on EDS can be found on its website at:
www.edwardsdivingservices.co.uk (http://www.edwardsdivingservices.co.uk)

 

ENDS

 

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 / Will Wickham

 Peel Hunt LLP (Joint Broker)                                020 7418 8900
 Ed Allsopp / Charlotte Sutcliffe

 FTI Consulting (Financial PR)                               020 3727 1000
 Alex Beagley / Amy Goldup / Matthew Young / Harleena Chana  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 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.

 

For more information please visit the Renew Holdings plc
website: www.renewholdings.com (http://www.renewholdings.com)

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