North East engineering specialist PBU sold to Renew Holdings for up to £50m Buyer: Excalon Holdings, part of AIM-listed Renew Holdings
Key facts
- Buyer
- Excalon Holdings, part of AIM-listed Renew Holdings
- Target
- Stockton-on-Tees provider of extra high voltage cabling and directional drilling services for electricity networks
- Exit route
- Trade sale
- Region
- North East
- Deal date
- 30 October 2026
- Seller's adviser
- RG Corporate Finance, Hill Dickinson and Robson Laidler
- Buyer's adviser
- BDO, Deloitte and Walker Morris
PBU (UK), a Stockton-on-Tees specialist in extra high voltage cabling and directional drilling for electricity networks, has been sold to Renew Holdings for up to £50m. The business joins Renew’s energy subsidiary, Excalon Holdings.
Renew is paying £31.1m in cash upfront, based on sustainable EBITDA of £5.5m, a multiple of around 5.7 times. A further £18.9m depends on the sellers hitting profit targets over the next three years, meaning almost two-fifths of the total price is linked to future performance.
Shareholders Lee Porter and Kieran Morris built PBU from a second-tier contractor into a business delivering major projects directly for some of the country’s largest infrastructure organisations. The whole team is staying with the business, which keeps its identity.
The sellers were advised by RG Corporate Finance, law firm Hill Dickinson and accountants Robson Laidler. Renew was advised by BDO, Deloitte and Walker Morris.
Originally reported by RG Corporate Finance