Tue, 29 Nov 2022 | BUSINESS SALE
Enisca, a multi-disciplinary engineering firm operating in the water and environmental sector, has been acquired by listed business Renew Holdings in a deal worth £15.6 million. The price represents a 13.9x multiple of Enisca’s £1.12 million pre-tax profits for the year ending March 31 2021.
During that period, Enisca reported turnover of £13 million, up from £10 million a year earlier, while its post-tax profits grew slightly from £971,616 in 2020 to £972,489. At the time, the company’s net assets were valued at £3.2 million.
Enisca is headquartered in Cookstown, Northern Ireland, but also has a base in the South East of England. The company’s existing executive management team will remain with the firm post-acquisition.
The company provides mechanical, electrical, instrumentation, controls and Automation (MEICA) frameworks for a range of operators, including Yorkshire Water, Northumbrian Water, Southern Water, South East Water, Northern Ireland Water, Irish Water, Anglian Water and Affinity Water.
Renew, which is based in Leeds, said that it expected the acquisition to be immediately earnings enhancing, with the buyer forecasting sales of £30 million and operating profit of £2.1 million for the year to September 2023. Renew added that Enisca would add further capabilities and clients to its existing water operations.
Renew CEO Paul Scott said: "This acquisition broadens Renew's exposure to the UK water market and is consistent with our stated strategic objectives. Enisca is a highly regarded business with a strong track record and is well known to Renew having been a joint venture partner of Browne since the start of AMP6 in 2015.
"Our existing multidisciplinary water capability, complemented by the inclusion of Enisca will significantly enhance Renew's proposition ahead of AMP8 procurement in 2024. I am delighted to welcome the management and staff of Enisca to the Renew family."
Enisca Chairman Tom Ruddy added: "We very much look forward to the opportunity to join with Renew for this attractive new chapter. Renew will be an excellent long-term strategic fit for Enisca giving us access to its interconnected group subsidiary businesses, clients and frameworks."
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