Hercules buys power line labour firm for £15.7m

The acquisition marks its entry into the UK’s booming energy and power sector.

Hercules positive factors a 155-strong group of expert operatives, giving it a powerful foothold in a market anticipated to surge as Nationwide Grid rolls out £58bn value of transmission upgrades.

The preliminary deal is value £10.2m in money, with an extra £1.5m deferred and an earn-out that might take the entire value to £15.7m relying on Benefit’s efficiency by February 2026.

In its final monetary 12 months to February 2025, Chorley-based Benefit NRG posted £1.7m pre-tax revenue on £11m turnover.

Hercules is funding the buyout by a mixture of inside money and a brand new £6m mortgage from Wasdell Holdings – an organization managed by non-exec director and main Hercules shareholder Martin Tedham.

CEO Brusk Korkmaz mentioned: “The acquisition of Benefit NRG marks one other essential milestone in Hercules’ progress journey.

“Benefit NRG’s deep experience in overhead electrical transmission, and its capacity to supply, prepare and mobilise specialist linesmen, each within the UK and internationally, completely enhances our technique.

“We consider this strategic funding will allow Hercules, the Hercules Academy and Benefit NRG to develop collectively and play a pivotal position in supporting the supply of the UK’s important power infrastructure.”

The deal is Hercules’ third acquisition, following Future Construct Recruitment in 2023 and coaching specialist QTT earlier this month.