Ergo News


31.08.21

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Future For Ergo

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In the 18 years since I founded the business in 2003, Ergo has progressed and grown in pursuit of an aspiration to become New Zealand’s first choice provider of engineering consultancy services to the power and energy industry. Today there are nearly 50 people involved in the business. Our substation design team is second to none. We have one of the largest teams of protection specialists in the country. The in-house civil and structural team that we launched in 2018 is already eight strong. We have developed an asset management capability which is proving to be of real interest to network companies. And our services are now provided throughout the country from offices in Auckland, Wellington, and Christchurch.  Our annual revenue has increased consistently, at an average annual rate of >10%; and Ergo has always been profitable. We are “Inspired. Agile. Genuine.”

 

We have been preparing for succession over the last few years. I stood down from the Management Team that runs the business on a day-to-day basis back in 2015. We have recruited and promoted people who are capable of building on the foundations and who will guide the company’s future development. Despite receiving multiple offers to sell the business to outside interests, being able to sell down to staff has always been the preference. We strongly believe that an employee ownership model is best for Ergo, its staff and its clients.

 

The end of July saw ten of our people acquire 33% of my shares in Ergo Consulting Ltd. These include members of the current management team, some staff who we think have a great future at Ergo and several technical specialists who have been with Ergo for many years.  This is the first step in what is likely to be a succession of share sales to staff. I intend to retain a 25% holding for the foreseeable future. I will continue as an engineer and technical specialist for years to come. And I will remain on the Board as a Director.

 

Everyone at Ergo is excited about this news. Our team is energised at the thought of having “skin in the game”. The median age of the new shareholders is just over 40.  They have shown tremendous commitment to invest in Ergo, given the other demands on their resources. We are very confident that Ergo will go from strength to strength as this ownership transition proceeds, ensuring that we maintain and enhance the quality and level of service that we provide to all of our clients and partners.


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