ADP Group offloads geothermal division to Rendesco
Fri, 30 Aug 2024 | DIVISION SALE
Drilling expert ADP Group has sold its geothermal division to heat network industry firm Rendesco. Following the sale, South Gloucestershire-based ADP Group will continue to focus on its ground investigation (GI) business.
Rendesco, which is based in Cheltenham, develops, builds, operates and provides access to funding for geothermal networks, along with ground source heat pump technology to decarbonise heating, hot water and cooling. The acquisition is said to provide the company with end-to-end delivery of clean heat networks, helping to significantly reduce the costs to both developers and residents.
Adrian Page, founder and director of ADP Group, said: "The sale of our geothermal division represents an exciting new chapter for both the geothermal division under Rendesco’s leadership and the continued growth of ADP Group’s GI division.”
A Thrings team, headed by partner Simon Hore, provided legal advice to ADP Group on the deal, with associate Conor Melvin providing support on corporate matters and Alex Pinhey, partner, acting on all related commercial property aspects.
The sale process also involved a legal review conducted by Thrings’ Head of Commercial Kate Westbrook, who undertook a range of preparatory work in order to ensure a smooth due diligence process with the buyer.
Adrian Page commented: “We are very grateful to Thrings for their unwavering support from the outset of this process, which has been invaluable, helping us to position ourselves well for the future."
Simon Hore, partner in the Thrings Corporate team, added: "Having been initially engaged by ADP to carry out a legal review of their business ahead of a potential sale, it was a pleasure to continue working with them throughout the full course of the transaction which helped to ensure an efficient transaction process.”
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