Interserve has sold formwork and shoring business RMD Kwikform to French group Altrad for an undisclosed sum.
The deal follows the sale of Interserve Healthcare to City & Country Healthcare Group and Interserve Support Services to Mitie Group last year. The construction business, rebranded as Tilbury Douglas, is now the only business that remains within Interserve.
Headquartered in the West Midlands, RMD Kwikform employs more than 1,300 people globally, including in its core markets of the UK, India, Australia and the UAE.
Altrad, founded in 1985, employs around 42,000 people.
Alan Lovell, chairman of Interserve Group, said: “The sale of RMDK to Altrad continues the significant progress we have made selling the constituent parts of Interserve Group to best realise value for our shareholders. I have no doubt that RMDK will thrive as part of Altrad Group which will benefit both its staff and clients alike. I would like to thank all the team at RMDK for their outstanding contribution to the Group and wish them well for the future.”
Ian Hayes, chief executive officer of RMDK, said: “RMDK will provide complementary engineering services across Altrad’s global markets, enhancing services and value to its clients. Over the past 18 months despite the challenges of covid-19 impacting global construction markets, RMDK has shown great resilience widening our offer by launching new products into key markets such as the commercial building sector.
“Altrad will support RMDK’s growth strategy built on further investment into our products, services and geographic expansion, widening the platform for the renowned world class engineering solutions we provide to our clients. Importantly, it will also lead to significant opportunities for our staff as part of a leading global industrial services group.”
Ran Oren, joint chief executive of Altrad Group, said: “We have watched and admired RMDK’s specialist engineering skills and services for many years and strongly believe in its brand, client solutions and ability to return to growth. RMDK will enhance our portfolio of products, in line with our strategy of geographic, sector and product diversification. Altrad is well financed with a strong balance sheet and the unwavering support of its stakeholders. We are able to provide investment to fuel the further growth of RMDK as part of a leading industrial group.”