press release
Browne Jacobson advises Catapult on major energy sector investment
22 June 2010
Browne Jacobson has advised Catapult Venture Managers on its
£900,000 investment in Renewable Technical Services Ltd (RTS), the
Northamptonshire based company that specialises in the renewable
wind energy sector.
The investment will be used to accelerate the company’s recent
growth, through commitment to the development of technology-enabled
inspection and repair techniques, and gearing up the company’s
internal resources to continue to deliver on the increasingly
significant commercial opportunities being explored.
As part of the deal the management team will be joined by
Chairman David Steventon, co-founder of Top 20 UK Facilities
Management company, Covion and Finance Director, John Thompson.
RTS, headquartered in Kettering, is an engineering solutions
provider, delivering installation, inspection and maintenance
services to wind turbine manufacturers, wind farm developers and
power generators. The company is at the forefront of an emergent
sector of independent support service providers, employing
innovative approaches to service the needs of its international
clients, and increasingly looking to embed itself as a core long
term service partner.
This is Catapult’s seventh transaction of 2010, and reflects the
recognition of the Renewable Energy sector as an area set to enjoy
long term sustained growth, and where the firm expects to see
enhanced investment activity in the future. The transaction was led
for Catapult by Richard Bucknell and Ben Bolt.
Richard Bucknell, Fund Principal of the £30m Catapult Growth
Fund, commented: “We are delighted to have backed such an
enthusiastic and energetic management team, in a sector where the
opportunities for the fledgling support services business model are
really significant. Power companies, in particular, are looking for
more flexible, competitive solutions for their ongoing service and
maintenance requirements, for an increasingly ageing wind turbine
portfolio, and independent operators, such as RTS, are better
equipped to meet such demands cost-effectively.
Corporate Partner Richard Medd, who led the Browne Jacobson
team, added: “We have advised Catapult on a number of deals over
the years and their support for businesses who can demonstrate real
potential for growth has continued despite the tough economic
conditions. At a time when the banks have adopted a cautious
approach to lending, Catapult have proved a real lifeline to
fledgling businesses seeking investments of up to £2m.”