Tekmar agrees buyout of Ryder Geotechnical

UK subsea cable protection provider Tekmar Group PLC (LON:TGP) has sealed a deal to acquire the remaining 20% stake in Ryder Geotechnical Limited, a provider of expert geotechnical design and consulting services to the offshore oil and gas and renewables sectors.

The transaction is being carried out through Tekmar’s wholly owned subsidiary AgileTek Engineering, which took the majority 80% interest in the targeted business from Nigel Jeremy Martin and Fraser Gibson in 2019.

The shares not already owned will be now purchased from Martin and Gibson, both current directors at the company, for GBP 200,000 (USD 244,850/EUR 229,475). Some GBP 150,000 will be payable in cash on completion and the remainder to be provided in Tekmar shares on the first and second anniversary of the transaction, provided the sellers continue to be employed by the company.

Founded by Gibson in 2016, UK-based Ryder specialises in foundation design, mooring solutions​, jack up analysis​, pipelines and cables, among others. The company generated GBP 101,000 in profit before tax and had net assets of GBP 276,000 in the fiscal year ended on September 30, 2022.

(GBP 1 = USD 1.224/EUR 1.147)

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