Skip to main content

Corporate Team advises Renew Holdings plc on £38m acquisition of Carnell Support Services Limited and related Placing

Walker Morris client, AIM-listed construction and engineering group, Renew Holdings has made another major acquisition, strengthening their position in the UK infrastructure market.

The Walker Morris Corporate Team led by Debbie Jackson and Richard Naish and supported by specialists across the firm advised Renew on the acquisition and a placing to raise £15 million from investors to part-finance the deal, which was also funded from new facilities provided by HSBC & Natwest.

The acquisition comprised 100% of the issued share capital of Agger Limited, the parent company of Carnell and certain assets of Adger Limited. Staffordshire-based Carnell is a provider of specialist engineering services to the highway network.

This latest acquisition marks the most recent in Renew Holdings and Walker Morris’ partnership having previously worked together on the £80m purchase of QTS Group Limited and other strategic acquisitions.

Paul Scott, CEO of Renew, said:

“This acquisition represents the realisation of this strategy and we are very pleased to welcome the management and staff of Carnell to the Renew group. This is a complementary and earnings enhancing acquisition that aligns with our established and proven strategy, strengthening our position in the UK infrastructure market.”

Debbie Jackson, Partner of the Walker Morris Corporate Team, added:

“Renew is a long-standing Walker Morris client and it has been incredibly satisfying to play such an active role in their growth strategy, which has seen them grow from strength-to-strength in recent years. The acquisition of Carnell builds on Renew’s established and proven strategy to grow through complementary acquisitions of businesses.”

The Corporate Team at Walker Morris is consistently recognised as one of the most active teams in the region. The team was ranked by Bloomberg as the 15th most active M&A legal advisor in the whole of the UK based on number of deals completed at the end of 2018. The Team were also finalists in The Lawyer’s 2019 Corporate Team of the Year award.