Engineering services company Renew has acquired steel fabricator TIS Cumbria Limited for £4.7 million cash.
TIS is a specialist design, fabrication, welding and inspection company, with two workshops in Workington.
It was founded in 1995 by managing director Tony O’Pray, and its main clients are in the nuclear, industrial process and petrochemical, and oil and gas sectors.
The deal will strengthen Renew’s position in the growing nuclear decommissioning and new build markets, as well as doubling the Group’s manufacturing capacity.
The cash agreement includes no payable deferred considerations.
TIS will operate as West Cumberland Engineering, owned by Shepley Engineers, who in turn are owned by Renew.
“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,” said Paul Scott, CEO of Renew.
“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.”
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