REG - Renew Holdings PLC - Acquisition of TIS

Renew HoldingsAnnouncement

27/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231027:nRSa4738Ra&default-theme=true

RNS Number : 4738R  Renew Holdings PLC  27 October 2023

27 October 2023

Renew Holdings plc

("Renew" or the "Group" or the "Company")

Acquisition of TIS

Transaction expands Renew's specialist nuclear services capacity

Renew (AIM: RNWH), the leading Engineering Services Group supporting the
maintenance and renewal of critical UK infrastructure, announces that it has
acquired the entire issued share capital of T.I.S. Cumbria Ltd ("TIS"), for a
total cash consideration of £4.7m ("the Acquisition").

Based in Cumbria, TIS is a leading nuclear manufacturing and fabrication
specialist. In line with the Group's strategy, the Acquisition enhances
Renew's nuclear services offering by immediately doubling manufacturing
capacity and strengthening Renew's position in the growing nuclear
decommissioning and new build markets.

The consideration of £4.7m will be funded from the Group's existing cash
resources. There is no deferred consideration payable.

Paul Scott, Chief Executive Officer of Renew, commented:

 

"This acquisition will allow Renew to continue to support its existing clients
and take advantage of increasing demand across the decommissioning and new
nuclear build programmes. The added manufacturing capacity will allow Renew to
better support its existing clients, as well as strengthening its broader
market position. TIS represents an excellent strategic fit with our existing
multidisciplinary nuclear capability, which offers attractive long term
structural growth opportunities underpinned by highly visible committed
regulatory spend in a sector that we know extremely well. I am delighted to
welcome the management and staff of TIS to the Renew family."

 

 

For further information, please contact:

 Renew Holdings plc                                     www.renewholdings.com (http://www.renewholdings.com/)

 Paul Scott, Chief Executive Officer                    via FTI Consulting

 Sean Wyndham-Quin, Chief Financial Officer             020 3727 1000

 Deutsche Numis (Nominated Adviser & Joint Broker)      020 7260 1000

 Stuart Skinner/ Kevin Cruickshank

 Peel Hunt LLP (Joint Broker)

 Mike Burke / Ed Allsopp                                020 7418 8900

 FTI Consulting (Financial PR)                          020 3727 1000

 Alex Beagley / Sam Macpherson / Rafaella de Freitas    Renew@fticonsulting.com (mailto: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/)

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQDDBDGUUDDGXL