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Sun July 03 2022

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Three more acquisitions for RSK

11 May Acquisitive consulting engineer RSK has taken over three more niche businesses in the last two months.

RSK founder Alan Ryder
RSK founder Alan Ryder

RSK has added construction project and cost management consultant Fellows, renewable energy consultant Absolute Solar & Wind and East Anglian mechanical & engineering consultant Ceetech.

Fellows, founded in 2013, has 18 staff across offices in Birmingham, London and Bournemouth. Clients include Seven Capital, Lok’nStore, E.on, Birmingham Metropolitan College, Caterpillar and Platform Housing Group.

Absolute Solar & Wind (Absolute) was established in 2007. It has its headquarters by Loch Lomond in Scotland but serves customers throughout the UK.

Ceetech has about 70 employees and has a variety of multi-million-pound design-and-build projects on its books. It designs, specifies, installs and maintains infrastructure for a range of public and private sector clients including hospitals, schools, leisure, retail, industrial, custodial and military facilities.

RSK has now made at least nine acquisitions, that we know of, in the last six months, and more than 70 in the past six years. Media-shy founder Alan Ryder has taken the strategic decision to take on debt to fund acquisitions and keep generating enough cash to fund borrowings. RSK refinanced in July 2021 with Ares providing £1bn of debt finance and NatWest Bank providing a £40m revolving credit facility. As previously reported, RSK has yet to make a profit since embarking on its acquisitions strategy. As previously reported, last year it made a pre-tax loss of £18.9m, having made interest payments to backers of £22.8m. The previous year it lost £15.7m before tax, having made interest repayments of £18.8m.

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