South West-based drilling experts ADP Group have successfully sold their geothermal division to Rendesco, a recognised leader in the geothermal heat network industry, in a deal advised by Thrings.
Headquartered in Wickwar, South Gloucestershire, ADP Group has been trading in both the agricultural and civil engineering industries since 1983, specialising in the provision of sub-contracted drilling and vacuum excavation operations in 2007.
Rendesco develops, builds, operates and provides access to funding for geothermal networks, combined with ground source heat pump technology, to decarbonise heating, hot water and cooling. The acquisition of ADP’s geothermal drilling division will give them end-to-end delivery of clean heat networks which is set to dramatically reduce the cost to developers and residents alike.
Following the sale, ADP Group will continue to grow their ground investigation, with Josh Creed having been appointed Managing Director, replacing Tom Page who joins Rendesco as Head of Drilling. Dave Telford also joins the ADP board as Operations Director.
Thrings’ team, headed up by Partner Simon Hore, led on all legal aspects of the deal for ADP, with Associate Conor Melvin providing support on corporate matters and Partner Alex Pinhey acting on all related commercial property aspects. This also included the conducting of a legal review by Kate Westbrook, Thrings’ Head of Commercial, in contemplation of a possible sale with a range of preparatory work to enable a smooth due diligence exercise with the buyer.
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. 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, said: “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.
“We wish Tom and his team all the best in their new chapter with Rendesco and look forward to working with Josh and the team at ADP as part of their exciting future.”
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