Acquisition of Route One

Renew (AIM: RNWH), the leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, is pleased to announce that its wholly owned subsidiary, Carnell Group Holdings Ltd, has acquired Route One Holdings (Wakefield) Ltd for an Enterprise Value of £5.0m. Based in West Yorkshire, Route One is a multi-disciplinary specialist engineering business operating in the UK Highways sector providing end-to-end solutions for bridge deck maintenance and protection. Route One has a number of long-term frameworks on the National Highways Scheme Delivery Frameworks across England. The cash consideration will be funded from the Group's existing cash resources, and there is no deferred or contingent consideration payable.

The Acquisition represents an excellent strategic fit for the Group. Route One will expand Carnell's offering by adding new capabilities to the Group's highways business, with particular expertise in bridge and structures maintenance and repairs. The UK Government's planned investment in the next Road Investment Strategy (RIS3) from 2025 to 2030 will provide good growth opportunities, where the structures renewal programme has been identified as a key priority.