press release

Browne Jacobson advises Catapult on major energy sector investment

22 June 2010

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.”