Renew Holdings acquires Route One Holdings to enhance UK infrastructure maintenance
Renew Holdings plc, a leading Engineering Services Group listed on AIM under the symbol RNWH, has announced the acquisition of Route One Holdings (Wakefield) Ltd for an enterprise value of £5.0 million. This strategic move aims to bolster the group’s capabilities in maintaining and renewing critical UK infrastructure, particularly in the highways sector.
The acquisition of Route One by Renew Holdings’ subsidiary, Carnell Group Holdings Ltd, was completed using cash from the group’s existing resources, with no deferred or contingent payments involved. Based in West Yorkshire, Route One is renowned for its specialized engineering services across the UK, particularly in bridge deck maintenance and protection. It holds several long-term contracts under the National Highways Scheme Delivery Frameworks in England.
The addition of Route One to the Carnell Group significantly enhances the latter’s service offerings, especially in bridge and structural maintenance. This acquisition is timely, aligning with the UK Government’s forthcoming Road Investment Strategy (RIS3) for 2025 to 2030, which prioritizes structures renewal. The integration of Route One’s expertise in bridge maintenance, including expansion joints, waterproofing systems, and concrete repairs, positions Carnell Group to capitalize on upcoming government investments in strategic road networks.
Renew Holdings plc acquires Route One Holdings for £5 million, enhancing bridge and structural maintenance capabilities in the UK
Andrew Sharp, Managing Director of Carnell Group, expressed enthusiasm about the acquisition: “Carnell has been providing specialist engineering services in the highways sector for over 30 years. By bringing Route One into the Group, we are expanding our specialist capability and accelerating our growth plans. We are looking forward to welcoming the Route One team into the Carnell family and continuing to provide clients with a high quality, reliable service.”
Gary Credland, Business Development Director at Route One, also commented on the new partnership: “I am delighted that Route One has found a new home within the Carnell Group, that will allow us to continue to develop and grow. Matthew and I are looking forward to working as an integral part of the Carnell team, and seeing the business continue to thrive under new ownership, as we embark on an exciting new chapter.”
Founded in 2005 by Matthew Pert and Gary Credland, Route One has established itself as a leader in the civil engineering sector, focusing on bridge and structures maintenance. The company offers a range of services aimed at structural protection and movement control, crucial for maintaining the integrity of infrastructure assets across the UK.