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Benchmark International Completes the Sale of Restek-UK to an EOT
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.
Tim Knight, managing director and founder of the business, had engaged Benchmark International to consider the future options for the company. Having considered and rejected a number of offers that were on the table from a range of parties, Benchmark International suggested an Employee Ownership Trust (EOT) to acquire 100 per cent of the shares on behalf of the company's employees, which was seen as an attractive alternative to Mr Knight. Benchmark International worked with Napthens Solicitors to structure the transaction appropriately.
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."
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