Engineering services group Renew Holdings, parent company of rail contractors AmcoGiffen and QTS, has acquired the entire issued share capital of J Browne Group Holdings for a cash consideration of £29.5 million.
J Browne is a water-focused engineering services business based in Enfield, North London, operating throughout the South of England for Thames Water, Southern Water, Affinity Water and South East Water. The company delivers multi-disciplinary infrastructure and non-infrastructure services through a number of longstanding framework agreements, across all disciplines in the water sector, and reported profit before tax of £5.5 million on turnover of £79.2 million for the year ended 31 March 2020.
Renew chief executive Paul Scott commented: “This acquisition broadens Renew’s exposure to the UK water market and is consistent with our strategic objectives.
“This market offers attractive long-term growth opportunities underpinned by committed regulatory spend and is a sector we understand well from our established relationships in other water regions.
“This is a business that shares the values of Renew and I am delighted to welcome the management and staff of J Browne to the Renew family.”