Ricardo Strategic Consulting was voted winner of this category in the UK by readers of Finance Monthly for the company’s work on a due diligence study of hybrid electric forestry vehicle manufacturer El-Forest AB, carried out for state-owned Swedish venture capital company Fouriertransform AB.
The Finance Monthly Law Awards exist to celebrate excellence in the legal profession across private practice, the public sector, commerce and industry, and the Bar. Considered an increasingly important event in the global legal calendar, these awards aim to provide recognition of the achievements and talents of individuals and teams who consistently deliver excellence.
The award to Ricardo Strategic Consulting recognizes the achievements of a high profile due diligence study carried out on El-Forest for Fouriertransform. Founded in 2006, El-Forest had developed a novel form of series hybrid vehicle for forest forwarding operations, in which timber is carried from harvesting locations to storage areas. Fouriertransform sought to invest a total of SEK 20 million (circa €2.1 million) at the end of June 2010 through a rights issue in El-Forest, and required a fast turnaround assessment of the vehicle technology and the target company’s operational plans for production in order to support its investment decision-making process.
A due diligence team from Ricardo Strategic Consulting conducted the assessment. The work carried out included on-site assessment of the El-Forest machine concept and design readiness, and an evaluation of the series hybrid powertrain’s performance and robustness. The competitive positioning of the machine was also assessed, including the applicability and protection of patented intellectual property. Based on the results of this study Ricardo was able to assess the design in the context of state-of-the-art vehicle development processes, in order to determine the necessary steps required to bring the machine to production and market readiness. Key risks were identified, providing extremely valuable and actionable information to both Fouriertransform and El-Forest, as well as the latter’s other investors.
Commenting on the work carried out by Ricardo Strategic Consulting, Christian Zeuchner, investment director at Fouriertransform AB, said: “We were extremely pleased with the thorough, technically informed and highly efficient approach of the team at Ricardo Strategic Consulting to this important due diligence study. Their report provided exactly the level of information and insight that we required in order to make our investment decision.”
Ricardo Strategic Consulting assignment team leader for the Fouriertransform project, Stephen Channon, added: “We are extremely pleased to receive this prestigious award of Consulting Firm of the Year, UK. Due diligence is an increasingly important aspect of our strategic consulting business, in which our independence, experience and deep knowledge of innovation and technology enables us to provide objective, well-informed and truly actionable advice. Through this service line we aim to provide our clients with the information and recommendations they require to make the best possible return on their technology-based investments.”
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