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Engineering Services Group enters electricity transmission and distribution market with acquisition
Renew, the Leeds-based Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure, has acquired Excalon for a total consideration of up to £26m.
The acquisition allows Renew to expand into the electricity transmission and distribution market.
Excalon, based in Salford, is an infrastructure contractor specialising in the provision of high voltage and extra high voltage infrastructure to the UK electricity sector. Excalon has a number of long-term frameworks with electricity Distribution Network Operators (DNOs) across the UK.
The UK electricity DNO market is regulated by Ofgem and operates in 5-year control period funding cycles. The RIIO ED2 cycle commenced in April 2023 with the latest determination of funding set at £22.2bn.
Entering this market allows Renew to access both the opportunities in ED2 as well as the upgrade of the grid that is required to support the UK’s zero carbon generation and renewables sector.
Paul Scott, Chief Executive Officer of Renew, said: “This acquisition broadens Renew’s exposure to another critical UK infrastructure market, presenting tremendous long-term growth opportunities. It is consistent with our stated strategic objective to expand into new complimentary sectors that have high barriers to entry coupled with resilient attributes.
“This is a highly regarded business with a strong track record in this specialist sector, and I am delighted to welcome the management and staff of Excalon to the Renew family.”
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Family-owned Yorkshire insurance brokerage firm acquires Scottish business
Bradford-based insurance broking and risk management company TL Dallas has reached an agreement to acquire Marsh Commercial’s business in the Highlands and Islands of Scotland, and is expected to complete the deal in August this year.
As part of the agreement, TL Dallas will acquire Marsh Commercial’s teams in Elgin, Inverness and Kirkwall, adding to its existing business in the Highlands and Islands.
Group MD Polly Staveley said: “The acquisition of Marsh Commercial’s business in Elgin, Inverness and Kirkwall represents a significant milestone for TL Dallas, as we continue with our strategy to serve local businesses with local teams, whatever their size. We see this as a major growth region for our business.”
Alistair Fraser, CEO, Commercial and Corporate at Marsh, added: “I am pleased that TL Dallas, with its strong presence in Scotland’s Highlands and Islands where it serves personal customers and SMEs, will be the new custodian of our offices there. As the UK’s leading risk and insurance specialist serving SME clients in over 40 offices, Marsh Commercial will continue to serve SME clients in Scotland through its offices in Aberdeen, Dundee, Edinburgh, Glasgow, Oban, and Perth.”
TL Dallas first expanded into Scotland in 1993 when it opened an office in Shetland, drawing on its experience in the shipping and textile industries. In 2000, the company opened a second office in Falkirk, before expanding into both Glasgow and Edinburgh in 2011. Edinburgh is also the city where its founder, Thomas Lessels Dallas (great-grandfather of MD Polly Staveley) started his business career in commercial shipping insurance, before founding TL Dallas in Bradford in 1919.
TL Dallas is a fourth-generation family firm, owned by its management and staff and it has been in business for more than 100 years. It is one of the largest, and last remaining truly independent insurance broking firms in the UK, and has offices spanning the UK from Shetland to London. The company has a team of over 165 and provides a full range of commercial and personal insurance services including corporate, small to medium enterprises (SME), trade credit, demolition, farming and agricultural, health and care, books and collectables and private client.