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    February 24, 2011

    Endless completes AMCO sale to renew holdings PLC

    The shareholders of Renew Holdings plc approved the acquisition of Amco Group Limited on 23 February 2011, resulting in the transaction completing later the same day.

    The total deal value of £26.9 million has been funded from Renew’s cash resources, a £15 million loan from HSBC Bank plc and self-funding through the company’s balance sheet.

    The transaction is firmly in-line with Renew’s stated strategy of developing its focus on specialist engineering.  It appears to have been well received by the stock market, with Renew’s share price increasing by more than 30% since the acquisition was announced in early February.

    Darren Forshaw, Partner at Endless, commented: “This is a win-win transaction in my view, with both buyers and sellers being delighted with the outcome. I believe Amco will prosper under Renew’s ownership and this transaction has the capability to really grab the stock market’s attention. It also underpins what will be an outstanding investment return for Endless from the whole Amco investment.”

    Endless was advised by Deloitte (Martin Jenkins and Barry Jackson), Hill Dickinson (Neil Thompson) and Walker Morris (Richard Naish). Renew was advised by Brewin Dolphin, DLA Piper and KPMG.


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