Leeds engineering services group Renew acquires Giffen Holdings Limited

Renew Holdings plc, the Leeds-based engineering services group, has acquired Giffen Holdings Limited.

Giffen, which is based in St Albans, specialises in mechanical, electrical and power services within the railway environment, working for both Network Rail and London Underground as well as a select number of Train Operating Companies.

Giffen has four frameworks with Network Rail and six frameworks with London Underground. Giffen is a direct delivery organisation, employing 123 staff and skilled operatives.

The acquisition cost is £5m for the whole of the issued share capital of Giffen with a further £2m being required to redeem loans from Giffen’s current private equity owners.

At completion, Giffen had a cash balance of less than £75k.

Following the acquisition, Giffen, whose entire management team is remaining with the company, will report into Barnalsey-based Amco Rail, Renew’s rail infrastructure business.

Walker Morris partner Debbie Jackson and senior associate Oliver Duke together with a team of specialist lawyers drawn from across the firm advised Renew on its acquisition of Giffen.

Debbie Jackson commented: “We have worked with Renew over a number of years and during that time the Group has consistently demonstrated strong management performance and a focussed strategy of growing the engineering services business.

“This latest acquisition accords with that strategy and will help the Group continue to achieve its ambitions.”

Usman Malik from Grant Thornton also advised Renew.