UK engineering services company Renew Holdings is eyeing growth across the UK and Europe after making its first international acquisition – Netherlands-based Full Circle Wind Services.
The deal will see Full Circle remain an independent company with no major changes in everyday activities, allowing it to continue its work providing much-needed maintenance in the wind sector.
Renew told Energy Voice that its interest in Full Circle was in line with its current operations, which see it maintaining and renewing critical infrastructure networks.
The company said the acquisition would provide significant growth potential in the UK and Europe, and that the decision to invest had been made thanks to “UK and European governments’ commitments to growth in renewables to achieve Net Zero 2050 commitments”.
Regarding the deal, Renew chief executive Paul Scott said: “This acquisition represents an exciting opportunity for the group to enter the wind services market across the UK and Europe.
“Its proven track record in core markets and highly experienced management team provide Renew with an exceptionally strong platform in renewables and huge potential in the near term.”
Renew added that Full Circle was an attractive platform for mergers and acquisitions overall due to its “comprehensive” capabilities and geographical reach, with an “existing pipeline of potential opportunities,” and that the deal would allow it to leverage its own core competencies.
Leeds-based Renew Holdings takes over the position previously held by investor AtlasInvest – along with multiple other minority shareholders.
Full Circle chief executive Billy Stevenson said the deal reflected the market’s “confidence in the exceptional business results we have achieved in recent years,” adding: “We are fully confident that this change will further strengthen Full Circle in its pursuit of growth as a business and organisation in the renewable industry.
“With the support of Renew, we will have the resources and backing needed to accelerate our long-term goals, all while ensuring there is no disruption to our day-to-day operations.”
Energy players, especially in North America, have been using mergers and acquisitions to bolster their production pipelines, racking up deals totalling $144 billion in the fourth quarter of 2023 and $51b in Q1 this year.
This has raised questions about whether European and UK energy players would follow their US counterparts, in exploring acquisitions as a way to cement further growth.
For example, this year saw Aberdeen-headquartered OEG Energy Group buy Liverpool-based Offshore Painting Services (OPS) Wind to expand its operations and maintenance services offerings to the wind sector.
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