Renew, 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 Ł4.7m ("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 Ł4.7m 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."
