21 June 2010
Catapult Invests in Fast Growing Renewable Energy Sector
Catapult Venture Managers has completed a £900,000 investment into Northamptonshire-based Renewable Technical Services Ltd (“RTS”), a young dynamic company operating in the renewable wind energy sector.
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.
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.
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.
“Alongside the Managing Director, Chris Palmer, and his team, we’re delighted to have been able to introduce a Chairman with the pedigree of David Steventon (co-founder of Top 20 UK Facilities Management company, Covion), alongside Finance Director, John Thompson. Both will add significant value as RTS faces the challenges of its rapid growth over coming years.”
Chris Palmer added: “RTS is in a position to exploit major new opportunities and establish itself as a genuine market leader in this exciting, developing sector. The investment from Catapult, alongside the experience of the likes of David and John, will help us achieve this potential, and we’re delighted to have secured a partnership with such a committed and supportive investor.”
Catapult were supported on the transaction by Richard Medd of Browne Jacobson LLP in Nottingham (Legals) and Georgina Clark of Friend LLP in Birmingham (Financial DD). The company was advised by Cobbetts LLP (Legals) and Corporate Solutions in Leeds.