Renew Holdings subsidiary strikes £13m deal for water engineering firm

Envolve Infrastructure, a subsidiary of Leeds-headquartered listed engineering services group Renew Holdings, has acquired a water industry engineering specialist in a deal worth up to £13 million.

The acquisition of Edwards Diving Services (EDS) is set to expand Renew Holdings’ capabilities, by bringing Envolve and the wider group into increasingly specialist water services. The deal comes at a time when Renew Holdings is seeking to deepen its presence in the civil and marine, water and energy industries and build a range of engineering solutions that will boost the group's overall growth.

Headquartered in Pontypridd, EDS is a provider of specialist marine and civil engineering services to the water industry. The company utilises in-house design and fabrication capabilities to undertake complex engineering work in challenging environments.

The deal comprises an initial £10 million cash consideration, funded by Renew Holdings’ existing banking facilities. An additional consideration of up to £3 million is also payable, depending upon the vendors remaining with the business for an agreed period, as well as specific profit targets being achieved.

The acquisition also includes breathing apparatus provider Remar Safety Services. Following the acquisition, both EDS and Remar will continue to operate under their established brands.

Renew Holdings Chief Executive Paul Scott said: "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."

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