Mon, 13 Oct 2025 | BUSINESS SALE
An overhead lines specialist based in Cheshire has been acquired by a listed engineering services group in a deal worth up to £12.3 million. Emerald Power Limited has been acquired by Renew Holdings, a group specialising in the maintenance and renewal of the UK’s critical infrastructure, through its wholly owned subsidiary Excalon Holdings Limited.
The acquisition includes an initial cash consideration of £7.8 million, funded through Leeds-based Renew Holdings’ existing banking facilities, which is based on Emerald’s adjusted EBITDA of £1.9 million for the year to July 31 2025. There is also an additional £4.5 million consideration conditional upon the vendors remaining with Emerald Power and the business attaining specific profit targets.
Should the full £12.3 million value be realised, it would represent close to a 6.5x multiple of Emerald’s adjusted EBITDA. The acquisition is expected to be immediately earnings enhancing.
Emerald Power is a specialist in overhead lines and focuses on maintaining and upgrading electricity networks for Distribution Network Operators (DNOs) in the North West. Through the acquisition, Salford-based Excalon enters the overhead line maintenance and repair market across voltages ranging from 11kV to 132kV.
The deal is described as aligning with Renew’s strategy of targeting end markets in which maintenance and renewals programmes are supported by long-term, non-discretionary funding.
Renew Chief Executive Paul Scott said that the acquisition was a “strong strategic fit for the group” and would enable it to expand “into the rapidly growing overhead line maintenance and repair market.”
He continued: “It will bolster our existing well-established position in the regulated electricity distribution sector, with Excalon, and we are now increasingly well placed to capitalise on the significant levels of investment being directed into the market in support of the government's commitment to decarbonising the UK's electricity grid before 2030.”
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