RWS Holdings
RWS · AIM · Industrial Goods and Services · mcap £542m · 143.0p 1 open situation →
- EV
- £563m
- EV / EBIT
- –
- Net debt
- £32.5m
- FCF yield
- 6.2%
- Revenue
- £706m
- Cash returned
- 4.9%
- Share price 1y
- +54%
- Insiders 12m
- no deals
- Next report
- around 10 Dec
Timeline · every situation
dots = announcementsOpen · 1
Large acquisition / reverse takeover
Acquisition of Acogroup (Acolad)
Binding put option signed; works council consultation
On 3 Aug 2026 RWS agreed a binding deal to buy Acogroup, parent of Acolad (FY25 revenue £182m, adjusted EBITDA £13m), for an EV of £22.4m. It is much larger than the Obviously bolt-on. A put option binds RWS to sign the SPA after French works council consultation. Funded from existing facilities; completion by H1 FY27.
- Price
- Total consideration £40.2m (€46.6m), including c.£17.8m cash at Completion; Enterprise Value £22.4m (€26.0m) 3 Aug 2026 ↗
- Valuation stated
- Enterprise Value of 2x adjusted EBITDA to 30 September 2027; no third-party debt acquired 3 Aug 2026 ↗
- Sellers
- Acogroup security holders; Barings-managed bonds issued by V.O. Paris acquired and become intra-group 3 Aug 2026 ↗
- Funding
- Existing facilities, after RCF refinancing in October 2025 3 Aug 2026 ↗
- Conditions
- French Works Council consultation; French foreign investment clearance and any other required authority 3 Aug 2026 ↗
- Timetable
- Completion expected in H1 FY27 at the latest; exclusivity during consultation 3 Aug 2026 ↗
Next: French works council consultation, then SPA and regulatory clearances
- 3 Aug 2026 Binding put option signed; works council consultation
Closed · 2
Company filings. Not investment advice.