Hydrock has over 950 employees across 22 offices located in the UK and a large client base across a number of sectors including education, energy, healthcare, industry, defence, leisure, retail, hospitality and residential.
The transaction coincides with the retirement of CEO and founder of 29 years, Brian McConnell with Dr Scott Elliott now leading the integration as Managing Director.
The sale for an undisclosed amount provides a successful exit for investors BGF.
Since its original investment in March 2018, BGF has provided £5.6 million to support Hydrock’s organic growth plans as well helping to fund the acquisition of seven complementary consultancy businesses.
During the time of BGF’s investment, Hydrock has significantly scaled its operations, expanded into new geographies and service lines, and focused on larger projects in high growth sectors.
As a result, Hydrock has seen revenue increase from £30 million to £84 million.
Dr Brian McConnell, retiring founder and CEO of Hydrock said: “BGF has been an excellent partner and its investment in the business has played a critical role in our growth story. Over the course of the investment partnership, Hydrock has expanded its services and reach which has been supported through a programme of strategic acquisitions. I’m proud of the progress we have made in the last six years – all while keeping our distinctive culture very much alive.”
Paul Oldham, Investor at BGF, said: “We are delighted to have supported the excellent Hydrock team through a highly successful six-year period of growth. Hydrock is a leading light in the field of sustainable engineering design. With a fantastic internal culture, it has always demonstrated a strong alignment with BGF’s principles of uniting purpose and profit. It has been a privilege to be part of Hydrock’s fantastic growth journey and we wish the entire team all the best for their next exciting chapter.”
The BGF Investment Team was led by Paul Oldham, Alex Garfitt and James Skade
