Renew has paid £50.5m to acquire Full Circle Group Holding BV, a Dutch company that specialises in the repair, maintenance and monitoring of onshore wind turbines.
Full Circle was previously controlled and owned predominantly by AtlasInvest Holding, a Belgian family holding specialised in the energy sector.
Full Circle turned over £22m last year and has a directly employed workforce of approximately 160 technicians across the UK, the Netherlands, France, Italy and Greece. It currently generates 75% of its revenue from UK-based operations.
The acquisition comes as Renew has also sold Walter Lilly & Co Limited for a nominal sum to Size Holdings Limited. This disposal marks Renew’s departure from its only remaining specialist building business.
Renew chief executive Paul Scott said: "The acquisition of Full Circle represents an exciting opportunity for the group to enter a high-growth, and fragmented onshore wind services market. Full Circle operates a scalable technology-enabled platform across a diverse customer base with existing long-term contracts and a fast-growing brand in the UK and across Europe. The company's proven track record in its core markets, and highly experienced management team mean the business is well positioned to service other turbine technologies and geographies both through acquisition and an organic growth strategy.
"With governments across Europe reaffirming their commitments to achieving Net Zero by 2050, the addition of Full Circle's industry-leading offering will allow us to play a pivotal role in supporting the green energy transition and benefit from the long-term, non-discretionary funding programmes that underpin it. I am delighted to welcome the Full Circle team to the Renew family."
Got a story? Email news@theconstructionindex.co.uk
