Engineering group acquires nuclear specialist

Leeds-based engineering group Renew Holdings has acquired Cumbrian nuclear manufacturing and fabrication specialist TIS Cumbria for £4.7m in cash.

Renew said the acquisition of all TIS’ share capital doubled its manufacturing capacity and strengthened its position in the growing nuclear decommissioning and new build markets.

The £4.7m will be funded from Renew’s existing cash resources, with no deferred consideration payable.

Renew chief executive Paul Scott said, “This acquisition will allow Renew to continue to support its existing clients and take advantage of increasing demand across the decommissioning and new nuclear build programmes. The added manufacturing capacity will allow Renew to better support its existing clients, as well as strengthening its broader market position.

“TIS represents an excellent strategic fit with our existing multidisciplinary nuclear capability, which offers attractive long term structural growth opportunities underpinned by highly visible committed regulatory spend in a sector that we know extremely well. I am delighted to welcome the management and staff of TIS to the Renew family.”

TIS Cumbria describes itself as “West Cumbria’s leading fabrication, welding and NDT specialist”.