Ricardo plc completes the sale of Ricardo Defense Inc.

Ricardo plc (Ricardo Group or the Group) today announces that it has completed the sale of Ricardo Defense to Proteus Enterprises LLC and Gladstone Investment Corporation.

The disposal is part of Ricardo’s ongoing transformation programme to reposition its portfolio in line with the shift to environmental and energy-transition solutions. The net proceeds of the sale will be used to fund all the cash consideration for the initial 85% of E3 Advisory.

Proteus Enterprise and Gladstone Investment Corporation offer Ricardo Defense both support and investment to advance its next-generation programmes, having significant experience investing, supporting and operating aerospace, defense and government-services businesses and with a deep passion for the industry. 

Ricardo Group plc CEO Graham Ritchie said, “We continue to make progress in focusing on our core consulting portfolio as we accelerate our transformation to become a world-leading strategic and engineering consultancy in environmental and energy-transition solutions. For this reason, Ricardo firmly believes that Ricardo Defense Inc. will be a better fit for its new owners, who are focused on supporting and operating defense companies.”

As we have now successfully concluded the disposal of Ricardo Defense Inc., Ricardo expects to complete the acquisition of E3 Advisory shortly.