RTC Group acquires RIG Energy
Ganymede has enjoyed significant organic growth over the past five years supporting mainly rail and associated industry clients and this acquisition will enable the business to pursue its strategy of diversification into other safety critical sectors at an accelerated pace. The business will trade as Ganymede and an extensive programme of rebranding and client awareness will be implemented.
For the financial year ended 31 December 2013, RIG Energy's audited accounts showed revenue of £5,765,268, with EBITDA (before parent management charge) of £210,711 and a loss before tax of £16,303. At 31 December 2013 the audited balance sheet showed net assets of £204,664.
The Board believes the acquisition will be earnings enhancing in its first full year of ownership and is confident that RTC's subsidiary Ganymede will help drive future profit growth.
Commenting on the acquisition, RTC chief executive, Andy Pendlebury, said, "This acquisition is an important step in RTC's strategy of building critical mass across each of its core recruitment businesses. RIG Energy is a very successful, professionally run company that will add significant value and diversification to our Ganymede brand by bringing a new area of expertise to the Group complementary to our existing provision of labour into safety critical environments."
Philip Ellis from Optima Corporate Finance commented, “We were pleased to advise RIG on this transaction. RIG Energy had become non-core and RTC offers a good strategic fit for this business. The transaction ran smoothly, on timetable and both parties demonstrated their ability to execute transactions efficiently.”
RTC Group focuses on white and blue collar recruitment providing temporary, permanent and contingent staff to a broad range of industries and clients in both domestic and international markets,