Renew buys water civils specialist J Browne for £29.5m

Aaron Morby 2 years ago
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Engineering services contractor Renew has bought civils contractor J Browne for £29.5m, taking a strategic jump into the southern water infrastructure market.

London-based J Browne was established 50 years ago and now turns over around £80m working for several water companies across the south of England, including Thames Water and Southern Water.

Paul Scott, chief executive of Renew, said that the deal added material scale to Renew’s water business, bringing new water clients into the group.

He said: “This acquisition broadens Renew’s exposure to the UK water market and is consistent with our strategic objectives.

“This market offers attractive long-term growth opportunities underpinned by committed regulatory spend and is a sector we understand well from our established relationships in other water regions.”

Jeremy Browne, chairman of J Browne said: “Under Renew’s ownership, J Browne enters an exciting new stage for the business.

“It was critical for us to have an owner who shares the values that have contributed to our success and one which has demonstrated the necessary expertise to support our growth ambitions.”

In addition to water company infrastructure, J Browne provides utility connections and infrastructure services to the developer market in London and the Home Counties.

Last year the firm reported a pre-tax profit of £5.5m.

In its current financial year to 31 March 2021, the business has seen a reduction in activity due to the transition from AMP6 to AMP7 and is expected to report turnover of £63.3m, but this has now increased back to historic run-rate levels as activity has normalised in AMP7.

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