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Transactions
OCTOBER 2013
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REnEW HoLdInGS acqUIRES
LEWIS cIvIL EnGInEERInG FoR £7.9M
Renew (aIM: RnWH), the Engineering Services Group supporting UK infrastructure, is pleased to announce the acquisition of the entire issued share capital of Lewis civil Engineering Limited ("Lewis") for a cash consideration of £7.9 million. the consideration includes £0.6m in respect of two freehold properties used by Lewis. the acquisition has been funded from the Group's cash resources and overdraft facilities provided by HSBc Bank plc. Lewis had a net cash position of £0.6m at the point of acquisition.
Lewis, which is based near Cardiff, was founded in 1984 and specialises in the construction and maintenance of infrastructure and assets within the water industry. It is a well respected brand in its region and market with clients including Wessex Water and Dwr Cymru Welsh Water. It provides its services through framework agreements and employs approximately 175 highly skilled personnel.
Roy Harrison OBE, Chairman of Renew, commented: "Renew's presence in the Environmental market will be significantly strengthened by the acquisition of Lewis. This acquisition accords with the Group's clear strategy of growing its Engineering Services business in sustainable markets, where it can secure strong framework positions with major clients focusing on areas of non- discretionary spend." LM
Mark Simpson, Managing Director of Respirex said: “This acquisition complements our specialist fire and emergency product portfolio and is an excellent fit with the Respirex business. The two companies share a long history supplying UK and international fire brigades. Both companies are highly regarded in their respective fields and combined provide over 100 years’ experience in personal protection, fire and rescue. I believe there is a real opportunity to grow MFC using our experienced sales team and global distribution network and am excited about the opportunities for both companies that this acquisition brings.”
MFC Survival’s manufacturing will remain in Tonypandy in South Wales and Respirex are committed to supporting the ongoing growth and development of the business.
Andrew Baird of Baird Partners initiated this transaction, and negotiated terms on behalf of Respirex.
For over 25 years, Andrew Baird and his colleagues have been advising on mergers, acquisitions, divestitures and joint ventures in the UK and internationally. Their clients range from FTSE 100 / Fortune 500 companies to owner-managed businesses. Baird Partners is a member of the International Corporate Finance Group (IFCG). LM
RESPIREX acqUIRES MFc SURvIvaL
on July 1 2013, Respirex International Limited announced the acquisition of MFc Survival, manufacturers of emergency rescue and survival equipment.
MFC Survival
Lewis Civil Engineering