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News » UK » Financial backing for Geotech expansion » published 13 Apr 2018

Financial backing for Geotech expansion

Ground engineering specialist Geotech has secured £14m venture capital backing in exchange for 30% of the company.

Applying Geobind Above: Applying Geobind

London-based Mobeus Equity Partners is backing Geotech’s growth plans in the ground stabilisation market.

Geotech’s patented Geobind system offers a quick way to strengthens ground for temporary and permanent works. The Geobind binder is mixed in situ with existing sub soil and compacted. A thermal reaction bonds it to the soil.

Geotech was established in 2014 by serial entrepreneur Bill Hinge and has been run by Hinge alongside fellow directors Robin Apperley and Dominick Holland.

To represent its interests, Mobeus has put Tim Read and Rex Orton on the board as chairman and finance director respectively. Tim Read was previously chief executive of Mobeus portfolio company construction contractor TJ Brent and subsequently commercial director of May Gurney after it acquired TJ Brent.

Rex Orton is the former finance director of fall protection equipment manufacturer Latchways.

Mobeus partner Chris Price said: “With the right support and investment in place, Geotech has a major opportunity to continue its rapid growth and disrupt the stabilisation market with its proprietary product. No major infrastructure project can afford to ignore the compelling environmental and cost savings Geobind delivers.”

Geotech founder Bill Hinge added: “We have seen exceptional growth over the last two years, with our customers fully recognising the benefits of Geobind. The recent patent award, covering our Geobind system, highlights the uniqueness of what Geotech is undertaking within the stabilisation market. We are very happy that Mobeus shares our vision for Geotech, and this investment will enable us to take Geobind’s significant commercial, programme and environmental benefits to many more projects across the UK.”

 

 

MPU

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This article was published on 13 Apr 2018 (last updated on 13 Apr 2018).

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