UK infrastructure engineering company Renew announced the acquisition of Giffen Holdings Limited. The acquisition cost is £5m (€5.5m) for the whole of the issued share capital with a further £2m (€2m) being required to redeem loans from Giffen’s current private equity owners.
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.
Giffen, which is based in St Albans, specialises in mechanical, electrical and power services within the railway environment, working for both Network Rail and London Underground as well as a select number of Train Operating Companies.
Giffen has 4 frameworks with Network Rail and 6 frameworks with London Underground.
For the year ended 30 September 2016, Giffen is expected to record revenue of approximately £22m and an adjusted profit before taxation of £0.7m.
Share on:
