Renew Holdings expands engineering footprint with acquisition of Porter Brothers

Leeds-headquartered engineering services group Renew Holdings has expanded its energy infrastructure division through the acquisition of Porter Brothers Holdings Limited (the parent company of PBU UK Ltd) for up to £50 million. Completed via Renew’s subsidiary Excalon Holdings, the deal adds specialist capabilities in extra-high-voltage cabling and directional drilling engineering services. The transaction is structured with an initial cash consideration of £31.1 million funded through existing banking facilities, alongside a further £18.9 million conditional on profit targets being met over a three-year period. The acquisition is immediately earnings-enhancing and positions Renew to capture rising capital expenditure directed toward upgrading the UK’s electricity transmission and distribution networks.