Geomarine buy-out completed

Friday 13 January 2023

Geomarine Guernsey has completed its management buy-out.

The civil engineering contractor is part of the Garenne Group of companies, which in August announced it was changing its business model.

The existing executive team of Geomarine in Guernsey - Tom Whitmore, Managing Director, Gary Stevenson, Operations Director and Matt Brooks, Commercial Director (pictured) - have purchased a majority stake in the company.  

“‘Gary, Matt and I are grateful for the opportunity to invest in the future of a company that gives us an immense sense of pride,” said Mr Whitmore. “Feedback from clients and our staff has been universally positive and we thank them wholeheartedly for making Geomarine what it is today.  

“The management buyout is the next phase in the evolution of Geomarine. Our services and team remain the same, we are committed to providing continuity for our clients and we look forward to delivering high quality and varied civil engineering projects across the Bailiwick for many years to come.” 

Negotiations on the MBO have been ongoing since early 2022 and were completed in November.

Like Geomarine in Guernsey, Geomarine in Jersey is now an independent company. The Jersey operation is majority controlled by executive directors Phil Horsletm Iain Barlca and Martin Curd, who own 75% of the company with the remaining stake retained by Garenne.

Geomarine does a broad spectrum of projects for public and private clients. Services include heavy civils and reinforced concrete structures, marine civils, drainage works, utilities, piling, geotechnical and rope access, site investigation and reporting.

On announcing the changes to its management approach, Garenne said it was moving towards an investment-based model which would reduce group executive involvement and ultimately place ownership more directly into the hands of the senior directors of many of its trading companies.

There are 13 Garenne Group companies, including RG Falla, Camerons, AFM in Guernsey and Jersey, and Geomarine and the Rabeys garages in both Channel Islands.

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