Renew Holdings acquires Amco
Renew has announced it has reached an agreement to purchase the entire share capital of Amco.
Renew Holdings has announced it has reached an agreement to acquire Amco Group Holdings, in a move in which negotiation strategies may have played a part.
The engineering company said it will purchase the entire issued share capital of Amco for £19.8 million, funded in part by a £15 million loan from HSBC.
It stated the acquisition is in line with the group's growth strategy and means more than 50 per cent of its revenue will be derived from specialist engineering.
Brian May, chief executive of Renew, said: "The acquisition of Amco allows Renew to increase and broaden the scale of its specialist engineering operations, as well as adding to the range of services we can provide to our customers."
He added he is pleased to welcome Amco's staff to his business and looks forward to working with them in the future.
Renew was originally founded as YJ Lovell in 1786 and went public in 1968.