Engineering services group Renew Holdings has announced that it is set to take over Scottish specialist rail contractor QTS for £80 million.
Publishing an announcement on May 9, a spokesperson for Renew stated that it has tabled an offer for 100 per cent of the issued share capital of QTS Group and that the acquisition is expected to be completed on May 10, 2018.
They described QTS, which provides such services as vegetation management, civil engineering, rope access and plant fleet hire, as being well positioned for Control Period 6 with Network Rail’s spending focus on renewals and maintenance.
QTS managing director Alan McLeish said that the transaction will provide opportunities to expand the company’s market share
He added: “It was important to attract an owner with relevant expertise to support our growth ambitions without compromise to customer service or staff loyalty, the Renew business model fits perfectly with these aspirations.”
Renew CEO Paul Scott said: “This is a very complementary and earnings enhancing acquisition that aligns with our established and proven strategy, strengthening our position in the UK infrastructure market.
“QTS has grown to become a leading and well respected brand in the rail sector and we very much look forward to supporting its ambition for continued growth including opportunities via collaboration across our expanded range of services in this sector.”