Renew taps to network after £26m takeover

Renew paid an initial £22m for Excalon, with an additional £2m payable in 2025 and a further £2m in 2026, provided founders Des Donnelly and Kevin O’Donnell remain with the businesses and meet profit targets.

Renew said Excalon will help it expand into the electricity transmission and distribution market, in line with its strategy to target markets where maintenance and renovation programs benefit from long-term, non-discretionary financing programs.

Headquartered in Salford, Excalon specializes in providing high and very high voltage infrastructure to the UK electricity sector. It has several long-term frameworks with electricity distribution network operators across the UK.

In the year up to 30^vol In April 2023, turnover exceeded £32 million (down from £50 million the previous year) and achieved a pre-tax profit of £1.6 million.

Renew CEO Paul Scott said: “This acquisition broadens Renew’s exposure to another critical UK infrastructure market, creating huge long-term growth opportunities. This is consistent with our stated strategic goal to expand into new, complementary sectors that are characterized by high barriers to entry coupled with resilience. It is a highly regarded company with a strong track record in this specialist sector and I am delighted to welcome Excalon’s management and staff to the Renew family.”

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