Rutland acquires Gems International

The turnaround and restructuring specialist has invested €16m after being introduced to the deal in late January. GEMS is headquartered in Belgium, however the principal operating divisions of the GEMS group, GEMS Geotechnical and Geophysics are based in the UK, Bath and Devizes respectively.

The company generated a turnover of €67m in 2010 but suffered significant losses from three contracts. GEMS breached its banking facilities and faced insolvency. Rutland will focus on improving central and financial controls at a group level.

This is Rutland's fifth investment from the £322m Rutland Fund II. The urgent need for funds was facilitated through the investor's bridging facilities which will be replaced with a drawdown from investors in the fund.

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