ENGINEERING services group Renew Holdings has announced the proposed acquisition of Scottish rail contractor QTS Group in a deal worth £80 million.
The group said the move would be part-funded by a share placing and described QTS an an “excellent fit” with Renew’s acquisition strategy.
Renew CEO Paul Scott said, “We are delighted to welcome the management and staff of QTS to the Renew group. This is a very complementary and earnings enhancing acquisition that aligns with our established and proven strategy, strengthening our position in the UK infrastructure market. QTS has grown to become a leading and well respected brand in the rail sector and we very much look forward to supporting its ambition for continued growth including opportunities via collaboration across our expanded range of services in this sector.”
QTS managing director Alan McLeish added, “QTS is delighted to be joining the Renew Group and we very much look forward to the future as part of a larger group. The transaction will provide opportunities to expand our market share and benefit from the synergies with their existing successful brands working in highly regulated sectors. It was important to attract an owner with relevant expertise to support our growth ambitions without compromise to customer service or staff loyalty, the Renew business model fits perfectly with these aspirations.“