Renew acquires onshore wind services provider

Engineering services company Renew has announced the acquisition of Full Circle Group Holding BV, a onshore wind turbine services provider.

The acquisition was completed for £50.5 million, funded from the Group’s existing cash resources and banking facilities.

This follows Renew’s announcement that it has exited the specialist building market, in a business move to boost group operating margins. 

The AIM-listed business announced, last week, the sale of Walter Lilly & Co. Limited, it’s only remaining specialist building business, for an unspecified cash value.

It said it wants to concentrate on specialist engineering activities, delivering maintenance and renewals programmes to end markets that benefit from long-term, non-discretionary funding schemes. 

Its acquisition of Full Circle, marks Renew’s first move into the onshore wind turbine services market. 

Full Circle, headquartered in Amersfoort, the Netherlands, was formally controlled and owned predominantly by Belgian holding, AtlasInvest Holding.

It specialises in onshore wind turbine repair, maintenance and monitoring services to the European renewable energy market, with a workforce of 160 technicians located in sites across the UK, the Netherlands, France, Italy and Greece.

For the year ended 31 December 2023 Full Circle generated revenue of £22 million, with Renew hoping its established track record means it is well positioned to scale alongside the market.

Entry into the highly fragmented onshore wind services market is forecast to grow at 7.7 per cent CAGR from 2024 to 2030 as both the UK and Europe seek to deliver on their commitments to achieve Net Zero 2050 targets.

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. 

“I am delighted to welcome the Full Circle team to the Renew family.”

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