Investment group Mobeus has bought a 30% share Geotech Soil Stabilisation for £14M, with the aim of increasing the firm’s share in the UK’s soil stabilisation market.
Established in 2014 by entrepreneur Bill Hinge with fellow directors Robin Apperley and Dominick Holland, Geotech has tripled its turnover in the past three years.
According to Geotech, its patented “Geobind” system strengthens ground for temporary and permanent works in a fraction of the time of traditional methods and delivers significant environmental, cost and programme benefits.
Geotech founder Bill Hinge said: “We have seen exceptional growth over the last two years, with our customers fully recognising the benefits of Geobind. The recent patent award, covering our Geobind system, highlights the uniqueness of what Geotech is undertaking within the stabilisation market.
“We are very happy that Mobeus shares our vision for Geotech, and this investment will enable us to take Geobind’s significant commercial, programme and environmental benefits to many more projects across the UK.”
Chris Price who led the deal for Mobeus added: “With the right support and investment in place, Geotech has a major opportunity to continue its rapid growth and disrupt the stabilisation market with its proprietary product. No major infrastructure project can afford to ignore the compelling environmental and cost savings Geobind delivers.”
As part of the transaction Tim Read and Rex Orton have joined Geotech’s board as chairman and finance director respectively. Read was previously CEO of TJ Brent and subsequently commercial director of May Gurney. Orton is the former finance director of Latchways, a manufacturer of fall protection equipment.