RSK has strengthened its renewable energy offering with the purchase of HV Energy Systems (HVES) for an undisclosed sum. FRP Corporate Finance supplied sell-side advice to HVES.
Based in Bristol, RSK specialises in high-voltage grid connection infrastructure for renewable energy and energy storage projects across the UK. RSK now comprises more than 200 companies and employs over 17,000 people worldwide.
Founded by engineers Craig Steven and Louis Wright, HVES is a specialist independent connections provider that delivers high-voltage grid connection infrastructure for renewable energy and energy storage projects. Its end-to-end services, including turnkey design-and-build solutions, make it a strategic addition to RSK’s growing energy portfolio.
RSK chief executive officer Alan Ryder said, “HVES’s capability is particularly valued by renewable energy developers, for whom grid connection is both technically complex and schedule-critical. Delays to energisation can materially affect projects, increasing the importance of delivery certainty and proven technical capability. This makes the HVES team a crucial element in the success of projects that contribute greatly to UK energy security.”
RSK’s latest acquisition comes as the group continues its push towards £5 billion in revenue, having already surpassed £2.2 billion – up from £275 million in 2020 – driven by global acquisitions across water, energy, infrastructure and environmental markets.
Meanwhile, the deal presents opportunities for HVES as well. Management and all 24 staff will remain, ensuring continuity of service – while Steven and Wright, will continue to lead the company under its existing delivery-focused model.
Steven noted, “We are excited to be joining RSK Group. This partnership will strengthen the service and support we deliver to clients, backed by increased scale and access to a wider network.”
Deal advisors
Osborne Clarke provided sell-side legal support, Cortus Advisory delivered financial and tax due diligence, CIL supplied commercial diligence, and Fladgate put out buy-side legal services on the deal. FRP Corporate Finance, led by partner Mark Naughton, supported by Kush Kunwar and Tom White, acted as the lead advisers to the shareholders of HVES on the sale.
The team worked with the shareholders and management to help prepare the business for sale, identify potential buyers, including RSK Group which was the shareholders preferred partner to take the business forward. FRP Corporate Finance led the commercial negotiations, managing the process through to a successful completion.
Naughton commented, “It has been a pleasure to work with Craig, Louis and the management team. They have built a terrific business that has a strong reputation in their market, and we are delighted to have helped them find and negotiate a transaction with RSK who are an ideal partner for the business. We are witnessing strong interest from investors in the wider energy transmission and energy transition sectors at the moment from both UK and overseas corporates and private equity and expect to see a number of other transactions complete in the near future.”
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