COSTAIN, the engineering solutions provider that helped to build the Channel Tunnel, has announced the acquisition of Rhead Group, a commercial management consultancy.
Rhead Group will be fully integrated into Costain before the end of the current financial year. The group’s current senior management setup, including chief executive Nigel Curry, is expected to remain with the business.
The takeover has cost Costain £36m, all of which will be paid for by the company’s existing cash and debt facilities.
In the year ending July 2014, Rhead Group declared revenues of £63.5m, and earnings before interest, taxes, depreciation and amortisation (Ebitda) of £5.2m.
The company’s client list contains a number of blue chip accounts, including National Grid, Wales & West Utilities and BAE Systems.