Engineering group Tekmar has acquired 80% of a renewables and subsea consultancy – for just £2.
The deal will see Ryder Geotechnical become integrated into the group, with an option for Tekmar to buy the remaining 20% stake for £2million.
The business will continue to trade under its own name, and will sit as part of AgileTek, a subsidiary of Tekmar.
Tekmar said the subsea design services and consultancy firm is expected to benefit from the deal with Tekmar’s “trusted name”, which will open up new sales opportunities.
Ryder, based in Newcastle Upon Tyne, will work with AgileTek Engineering on projects, having recently collaborated on subsea cable developments for clients including Orsted and Global Maritime.
In its accounts for the year to November 30, 2017, Ryder posted turnover of £102,315 and profit of £48,385
Tekmar has until March 2022 to exercise the option for the remaining 20%.
Ryder was founded in 2016 and provides geotechnical design and consulting services to the offshore wind and subsea oil and gas sectors.
All four members of its staff will be retained.
James Ritchie, Tekmar’s chief executive, said: “The combination of our businesses will open new doors and enable us to expand our revenue streams further across a project’s long lifecycle.
“Tekmar Group is focused on adding value in the protection of our clients’ subsea assets and it is of strategic value for us to know as much as possible about seabed conditions on projects being executed by the Group.
“The acquisition furthers our strategy to acquire offshore energy businesses which have a clear technology focus, have complementary customer bases and can leverage Group support to accelerate growth.”
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