2nd September 2019
The UK’s leading integrated environmental, engineering and technical services business, RSK Group Ltd, has today announced the acquisition of Drilling Supplies & Hire Services Ltd, a supply and engineering company that services the site investigation, geothermal and water well markets across the UK. The latest announcement marks the 12th and final acquisition for the fast-growing RSK group in the financial year 2018/2019. Dow Schofield Watts Transaction Services LLP and Dow Schofield Watts Corporate Finance Ltd advised RSK during the deal.
Drilling Supplies & Hire Services is a company of 13 people based in North East England that supplies installation and drilling consumables to the drilling industry nationwide, including rig tooling, drilling rigs and a variety of products. In addition to supply services, the company has an in-house engineering department that provides engineering solutions to meet a variety of client needs. The company has previously supplied multiple companies across the RSK group.
By joining forces, RSK will now be able to source site consumables and drill tooling in house for its services in the UK and abroad. As part of RSK’s contracting division under the direction of Claire Knighton, Drilling Supplies & Hire Services will remain a supply-only company and will not be involved in contractual or site work.
“RSK has already developed a close business relationship with Drilling Supplies & Hire Services and I am excited to develop this relationship further now that it is part of the RSK group,” said RSK’s founder and chief executive officer Alan Ryder. “RSK is gaining a fantastic business with which we see multiple synergies. Both companies will benefit from joining forces and the broadening of our in-house capabilities and the building on our strengths.”
Phil Smith, Drilling Supplies & Hire Services managing director who will continue to lead the business, said, “Drilling Supplies & Hire Services has built up a great reputation for supply, delivery and quality since it was founded in 2007. Becoming part of a larger organisation with an integrated safety, health, environmental and quality management system will enable us to take the next step as a respected supplier of high-quality products to the ground investigation market and provide new opportunities for us all.”
Drilling Supplies & Hire Services is the latest acquisition under RSK’s funding package from Ares Capital Europe and a revolving credit facility provided by NatWest announced in December 2018. The fast-growing company is investing in the development of new businesses, bolt-on complementary businesses, equipment and capabilities, to expand its service offering and international expansion. The company now employs over 3000 staff in more than 100 offices worldwide. It has an annual turnover in excess of £250 million.