Renew Holdings Leeds Acquires PWR-X in £1.1m Sector Deal

Renew Holdings Leeds subsidiary Excalon acquires Manchester cable jointing specialist PWR-X for £1.1m as the group continues to build capability across regulated infrastructure markets

Leeds-headquartered engineering group Renew Holdings Leeds has made its second acquisition in under a month, with subsidiary Excalon Limited acquiring Manchester-based cable jointing specialist PWR-X Ltd for £1.1 million on a cash and debt free basis. The initial payment of £750,000 was funded from Renew’s existing banking facilities. PWR-X provides specialist cable jointing services to the power industry, and Renew says the deal expands Excalon’s capabilities and enhances its offering in the high voltage power market. The group confirmed it continues to evaluate a pipeline of further acquisitions in line with its strategy.

Why This Matters For Leeds

Two acquisitions in a month from a Leeds-headquartered listed company is an interesting signal. The EDS deal (£13m, water) and now PWR-X (£1.1m, power) are different in scale but identical in strategy. The RNS mentions more deals to come. For Leeds, this is one of the city’s largest listed companies actively deploying capital to grow, turning over £1.12 billion and ranked 22nd in the CN100.

What Renew Holdings Leeds Is Adding with PWR-X

PWR-X specialises in cable jointing for the power industry — the technically demanding process of connecting and terminating high voltage cables in electricity networks. The company is based in Manchester and joins Excalon, which Renew acquired in June 2024 for up to £26 million. Excalon is a specialist in high voltage and extra high voltage infrastructure for electricity Distribution Network Operators across the UK, operating under long-term frameworks in the regulated RIIO ED2 funding cycle. The addition of PWR-X broadens Excalon’s service offering within this market. Renew also acquired Emerald Power through Excalon in October 2025 for up to £12.3 million, adding overhead line maintenance and repair capability. PWR-X is the third bolt-on to the Excalon platform in under two years.

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“”This acquisition represents a strong strategic fit expanding Excalon’s capabilities and enhancing its offering in the high voltage power market. The Group continues to evaluate, in line with its strategy, a pipeline of further acquisitions.””

— Renew Holdings, RNS Announcement, 11 May 2026

A Pattern of Targeted Acquisition

The PWR-X deal is the latest in a series of targeted acquisitions by Renew Holdings Leeds across its regulated infrastructure markets. In the past month alone, the group has acquired Edwards Diving Services (£13m, water sector, through Envolve Infrastructure) and now PWR-X (£1.1m, power sector, through Excalon). Both follow the same model: buying specialist technical capability in sectors underpinned by long-term regulatory spending commitments. Renew operates through independently branded subsidiaries across rail, infrastructure, energy (including wind and nuclear), and environmental markets. Its directly employed workforce delivers non-discretionary maintenance and renewal tasks — work that has to be done regardless of economic conditions. The group is listed on AIM (RNWH) and reported turnover of £1.12 billion in its most recent results.