UK infrastructure engineering provider Renew has announced the acquisition of Giffen Holdings Limited.

The acquisition is worth £5m for the whole of issued share capital with an additional £2m being required to redeem loans from Giffen's present private equity owners.

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Renew will pay the acquisition amount from its existing cash resources. At completion, Giffen had a cash balance of around £75,000.

Based in St Albans, Giffen specialises in mechanical, electrical and power services within the railway environment.

"As of 30 September, Giffen is expected to post a revenue of approximately £22m for the current financial year."

The company works for both Network Rail and London Underground, as well as a select number of train operating companies.

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Giffen has four frameworks with Network Rail and six frameworks with London Underground. It is a direct delivery organisation and employs 123 staff.

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With this acquisition, Giffen entire management team, which will continue to remain, will report into Amco Rail, Renew's rail infrastructure business.

As of 30 September, Giffen is expected to post a revenue of approximately £22m and an adjusted profit before taxation of £700,000 for the current financial year.

With the acquisition of complementary skills of Giffen, Amco Rail can offer an expanded range of services across the rail network, in addition to creating opportunities for the group to offer services to London Underground.