Acquisition of Porter Brothers Holdings Limited
Summary by AI BETAClose X
28 October 2026
Renew Holdings plc
("Renew" or the "Group")
Acquisition of Porter Brothers Holdings Limited
Renew strengthens its specialist capabilities in the high-growth electricity transmission and distribution market
Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, is pleased to announce that its wholly owned subsidiary, Excalon Holdings Limited ("Excalon Holdings"), has acquired Porter Brothers Holdings Limited, parent company of PBU (UK) Ltd ("PBU") for a total consideration of up to £50m on a cash and debt free basis (the "Acquisition").
PBU is a specialist provider of extra high voltage cabling and directional drilling engineering services to the energy distribution market. This acquisition further enhances Renew's delivery capabilities across the electricity transmission and distribution network, adding highly specialist engineering services and enabling the Group to address a broader range of opportunities in this structurally growing market.
Together with the recent acquisitions of Emerald Power, Electricity Distribution Engineering Services and PWR-X businesses, Excalon Holdings has developed and built the expertise to deliver a full turnkey solution for clients, from design through to all stages of delivery. This strengthens Renew's position in the power transmission and distribution market, by enabling the Group to access a larger share of the c.£50bn-£60bn investment that is committed across the RIIO-ED2 and ET3 control periods and beyond.
The initial cash consideration of £31.1m has been funded from the Group's existing banking facilities and is based upon a sustainable EBIT of £3.9m and EBITDA of £5.5m. The additional cash consideration of up to £18.9m is conditional upon the vendors achieving specific profit targets over a three-year period.
The Acquisition will be immediately earnings enhancing. Following the Acquisition, the Group retains a strong balance sheet and continues to evaluate a pipeline of further earnings-accretive acquisitions, in line with its disciplined compounding strategy.
Paul Scott, Chief Executive Officer of Renew, commented:
"This acquisition represents an excellent strategic fit for the Group, adding complementary specialist capabilities to our already well-established position in the regulated energy market. Our enhanced capabilities leave us strongly positioned to capitalise on the significant growth opportunities presented by the unprecedented levels of investment in the UK's electricity transmission and distribution networks.
"PBU is a company we already know very well, I am delighted to welcome their highly regarded teams into the Renew family and I look forward to updating the market on their integration into the Group in due course."
More information on PBU can be found on its website at: www.pbul.co.uk.
More information on Excalon Group can be found on its website at: www.excalongroup.com
ENDS
For further information, please contact:
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Renew Holdings plc |
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Paul Scott, Chief Executive Officer |
via FTI Consulting |
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Sean Wyndham-Quin, Chief Financial Officer |
020 3727 1000 |
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Deutsche Numis (Nominated Adviser and Joint Broker) |
020 7260 1000 |
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Stuart Skinner / Kevin Cruickshank / Will Wickham |
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Peel Hunt LLP (Joint Broker) |
020 7418 8900 |
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Ed Allsopp / Charlotte Sutcliffe |
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FTI Consulting (Financial PR) |
020 3727 1000 |
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Nick Hasell / Amy Goldup / Matthew Young |
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 on Engineering Services in the key markets of Rail, Infrastructure, Energy (including Wind and Nuclear) and Environmental which are largely governed by regulation and benefit from non-discretionary spend with long-term visibility of committed funding.
For more information please visit the Renew Holdings plc website: www.renewholdings.com
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