Surrey-based RTT Group's annual turnover is approximately £37 million and it employs nearly 300 staff. The group includes RTT Engineering Services and RTT Maintenance and Special Projects.
Electra's acquisition of RTT fits with its stated policy to expand its activity in Europe. A spokesman for Electra said that it was impressed with "RTT's reputation for good quality work" and that the "alliance will be a great success". Electra believes that RTT will enjoy continued growth and profitability.
Terry Head, co-founder and joint managing director of RTT, is to retire. Trevor Koch, also co-founder and joint managing director, will stay on as chief executive officer and remains a shareholder. Group operations director Bob Berry will become deputy chief executive officer and also remains a shareholder. Electra has not yet appointed anyone to the board.
Under the terms of the deal, Electra has a call option to purchase the additional share capital, exercisable at the end of three years. RTT has been granted a put option for the sale of the shares, exercisable at the end of five years.
Electra (Israel) is a subsidiary of the US$1.1 billion turnover Elco Holdings. Elco Holdings also includes Electra Consumer Products, Elco Industries, Elco Technologies and Shekem. Elco and its subsidiaries are traded on the Tel Aviv Stock Exchange as independent strategic business units.
Electra (Israel) has made several recent purchases in Europe, including a 50% interest in the Hungarian m&e contractor Csoszer.
Source
Electrical and Mechanical Contractor