Benchmark International is pleased to announce the sale of Ripley-based specialist maintenance company, Restek, to an Employee Ownership Trust, joining the growing number of employee-owned businesses across the UK, as it announced its 14 permanent team members would be taking a stake in the business.
Founded in 2013, Restek provides a range of services including concrete structural repairs, composite strengthening, ground remediation and geotechnical solutions through the use of innovative materials, specialist products and techniques.
With an increase in revenue of more than 500 per cent in the past five years, the business has quickly grown to be a market leader in ground engineering, having worked with numerous local authorities and blue-chip companies including Network Rail, Barclays and Highways England.
Commenting on the transaction, Mr Knight said: “Since incorporating the business, I always had the intention of stepping away, and following consultation with Benchmark and Napthens, I decided that employee ownership was the best fit. Growing revenue every single year, Restek has now been involved with a catalogue of exciting, high-profile schemes, quickly cementing ourselves as a leaders in our field.
“Our continued expansion hasn’t gone unnoticed and selling to a competitor or investor was an option, but I was concerned that a third party would not act in the best interests of the business and the team, some of which have been with me for more than seven years. This way, I can hand over the business gradually and ensure that it remains on track to fulfil its significant potential and stays true to its core values. Napthens and Benchmark have been great to work with, they have provided clear and insightful advice throughout this process."
Advising on the transition, Jonathon Parkinson, director at Benchmark International, said: “Following our extensive research and marketing campaign, it became clear that Restek was going to attract a lot of interest from external parties. After assessing all the options and considering offers from trade and financial buyers, it became clear that an EOT was the best way to move forward and we have been able to devise a structure that meets everyone’s objectives. We wish Tim and Restek’s new management team all the best for the future.”
Keith Melling, partner and head of commercial at Napthens, said: “Restek is a real success story, it has seen consistent organic growth year-on-year since 2013 and is now a multi-million-pound business. Tim has a clear passion for his staff, as well as for the firm and its longevity, making employee ownership the best option for all parties.
“As Tim gradually steps away over the next few years, high-level and day-to-day decision making will be at the greater discretion of the team, ensuring a smooth transition for clients and the new owners alike."
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Call Benchmark International today if you are interested in an exit or growth strategy or if you are interested in acquiring.
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximising solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.