German group buys Risktec Solutions
WARRINGTON-based risk management firm Risktec Solutions has been sold to a German group called TUV Rheinland.
The £28m turnover firm, which has 230 staff across 15 offices in the UK, Holland, the Middle East and the US, specialises in risk and safety services for the oil, gas and nuclear industries.
It is owned by a group of 20 staff and made a pre-tax profit of £3.9m in 2012. The value of the deal was not disclosed.
Dr Manfred Bayerlein, chief executive of TUV Rheinland, said: “Risktec is an excellent addition for us, complementing our established services extremely well and fully in line with our strategy for 2017. With Risktec we can now offer our industry customers further important services, providing independent advice on a wide range of risk and safety issues.”
Risktec’s managing director Alan Hoy said: “We are very pleased to become part of TÜV Rheinland. The two organisations complement each other extremely well and share a common desire to provide high quality services to clients. Our aim has always been to work with our clients for the long-term, over the complete lifecycle of their assets, and being part of TÜV Rheinland extends our ability to do this.”
TÜV Rheinland said the acquisition would help it meet “increasingly stringent international legislation”.
Risktec was advised by lawyers at Addleshaw Goddard and accountancy firm CLB Coopers. Corporate finance partner Steven Lindsay said: “The two businesses are complementary and we wish the new partnership all the best for the future.”
