Full Circle Group — Acquisition by Renew Holdings plc
Specialist onshore wind turbine repair, maintenance and monitoring business acquired by Renew Holdings, illustrating how recurring O&M revenues, multi-technology expertise and operational scale can support premium valuations in renewable energy services.
Acquirer
Renew Holdings plc
Year
2024
Enterprise Value
€60.0m
Revenue
€25.8m
Adjusted EBITDA
€5.4m
EBITDA Multiple
~11.1×
Industry
Renewable Energy O&M Services
Transaction
Renew Holdings plc acquired Full Circle Group in October 2024 for €60m. The business generated €25.8m of revenue and €5.4m of adjusted EBITDA in 2023, representing an EBITDA margin of approximately 21%, implying a historical EBITDA multiple of approximately 11.1×. The ~11.1× multiple is calculated by SME Multiples using the reported €60m transaction value and €5.4m of 2023 adjusted EBITDA.
Why the Premium?
- Recurring O&M and maintenance services
- Multi-technology wind turbine expertise
- 24/7 remote monitoring capability
- Established UK and European operations
- Significant operational scale with ~160 technicians
SME Takeaway
Full Circle Group's revenue fell within the SME Multiples $1–$50M benchmark. The transaction illustrates how recurring O&M revenues, multi-technology expertise, remote monitoring capability and operational scale can support double-digit EBITDA multiples in renewable energy services.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.