Engineering group capitalises on renewable energy growth with £50m acquisition
Leeds-headquartered engineering group Renew Holdings has acquired Full Circle Group Holding BV, a provider of repair, maintenance and monitoring services for onshore wind turbines, for €60m/£50.5m.
The deal has been funded from Renew’s existing cash resources and banking facilities.
Full Circle was controlled and owned predominantly by AtlasInvest Holding, a Belgian family holding specialising in the energy sector.
Paul Scott, chief executive officer 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.
“The company’s proven track record in its core markets, and highly experienced management team mean the business is well positioned to service other turbine technologies and geographies both through acquisition and an organic growth strategy.
“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.”
Alongside the acquisition, Renew has increased its existing revolving credit facility to £120m (from £80m) providing continued headroom to deliver future acquisitions in line with the group’s strategy.
For the year ended 31 December 2023 Full Circle generated revenues of €25.8m/£21.6m and adjusted EBITDA of €5.4m/£4.5m.
It is headquartered in Amersfoort, the Netherlands, and provides onshore wind turbine repair, maintenance and monitoring services to the European renewable energy market.
The firm has a directly employed workforce of about 160 skilled technicians located near operational sites in the UK, the Netherlands, France, Italy and Greece.
Its control centre in Amersfoort offers 24/7 remote monitoring of all turbine types with the ability to rapidly deploy local resources.
Full Circle’s inspection teams further ensure turbine safety, efficiency, and compliance through regular checks and maintenance utilising AI-enabled drone technology.
The business generates about 75% of its revenue from UK-based operations, with a number of long-term frameworks with leading wind park owners.
