Renew has bought St Albans based Giffen Holdings Limited as it continues to expand in the rail sector.
Giffen specialises in mechanical, electrical and power services for Network Rail and London Underground as well as a select number of Train Operating Companies.
Giffen has four frameworks with Network Rail and six with London Underground.
The company is a direct delivery organisation employing 123 staff and skilled operatives.
Giffen’s entire management team will remain with the company which will now report into Renew’s specialist division Amco Rail.
For the year ended 30 September 2016, Giffen is expected to record revenue of £22m and an adjusted profit before taxation of £0.7m.
The deal has cost Renew £5m up front with a further £2m being required to redeem loans from Giffen’s current private equity owners.
Renew said: “By acquiring the complementary skills of Giffen, Amco Rail will be able to offer an expanded range of services across the rail network as well as creating opportunities for the Group to provide services to London Underground”
from Construction Enquirer http://www.constructionenquirer.com/2016/11/01/renew-swoops-on-rail-me-specialist/
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