Engineering firm Renew Holdings has acquired Full Circle for £50.5m as it seeks to cash in on the energy transition.
Amersfoort-based Full Circle repairs, maintains and monitors assets in the European renewable energy market.
Renew said the acquisition represented a “compelling strategic fit” given the projected increase in onshore wind in Europe. The onshore wind market is well-established and forecast to grow at 7.7 per cent CAGR over the next six years, Renew said.
“Through the addition of Full Circle’s best-in-class, direct delivery service model, Renew will be able to fully capitalise on this transition, while benefitting from the long-term, non-discretionary maintenance programmes that will continue to underpin it,” the firm said in a statement.
The market for maintenance and renewal of these turbines is “highly fragmented”, Renew said, representing a significant growth opportunity.
The funds for the acquisition have been funded from Renew’s existing cash resources and banking facilities.
Paul Scott, chief executive of Renew 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”.
“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,” Scott said.