RSK set to acquire UK and Asia water business
These include UK-based Black & Veatch Limited, Black & Veatch Hong Kong Limited and Black & Veatch (SEA) Pte Limited in Singapore.
The deal is expected to complete in early 2021 and includes all the employees, contracts, leases and other assets of these entities.
These businesses will continue to provide sustainable and resilient water, wastewater and flood resilience projects, with existing management and employees, but under a new brand - Binnies.
The addition of Binnies will increase the overall RSK headcount from 4,300 to 5,500 employees worldwide.
It will expand the number of countries in which RSK is present from 27 to 31 and significantly add to RSK’s existing Asian footprint.
Operations in Hong Kong, mainland China, Singapore, the Philippines and Vietnam will be brought into the group, in addition to the Binnies’ offices throughout the UK.
The businesses that will make up Binnies are expected to add £160 million (€173 million) to RSK’s annual turnover, which has increased significantly in recent years from £147 million (€159 million) in 2018 to £287 million (€311 million) in 2020.
RSK chief executive officer and founder Alan Ryder said: “This acquisition marks the most significant growth in our 31-year history, positions RSK as a market leader in the water sector and provides a springboard for RSK into the East Asian markets. As climate change and biodiversity loss accelerate worldwide, water is becoming increasingly valuable. A key part of RSK’s climate agenda is to unleash the natural capital contained in clean water to help address and mitigate the flood risks that exist in so many parts of the world.”
Managing director of Binnies in Europe Scott Aitken added: “The environment we live in is facing considerable challenges, so our clients are seeking sustainable, resilient and affordable solutions to meet these challenges. Our water environment is a very precious resource. I’m delighted with the acquisition by RSK of what will become the new Binnies business, an RSK-owned company, and how, with the combination of technical excellence, leading digital technology capability and end-to-end service offering, we will be at the forefront of assisting our clients solve these complex challenges efficiently and effectively.”