Rubicon Partners and Grovepoint Capital LLP have acquired Aquamain (UK) Limited, the UK’s largest provider of self-lay water utility services.
Based in Somerset, Aquamain operates across the South of England is a provider of self-lay water utility services, including mains and plot connections to the UK’s leading housing developers and regional water companies.
Aquamain was established by founders, Gary and Suzanne McConnell in 2004 and has built a reputation as an industry leader in innovation and customer service. Gary will remain with Aquamain as a shareholder and advisor and will continue to hold positions on a number of industry forums.
Mark Perkins will join the Board as Executive Chairman. Mark has worked with Rubicon and Grovepoint on a number of successful investments and has held senior positions with EnServe Group, Wates and Shepherd Group.
“There are huge opportunities for the business over coming years as self-lay continues to gain prominence as a service to housing developers. With Rubicon’s expertise in supporting businesses transitioning from family ownership, we are now well positioned to take advantage of these opportunities and to continue to build Aquamain’s ‘customer first’ approach” said Gary McConnell.
“It is very much business as usual at Aquamain. We look forward to building on the solid foundations laid by Gary and his team and continuing to grow the business in its core market” added Mark Perkins.
Isca Ventures acted as the lead corporate finance adviser to the shareholders and management team, with Michelmores providing legal advice. Rubicon was advised by PwC (Financial, Tax and Commercial) and Proskauer Rose (Legal). Grovepoint was advised by Berwin Leighton Paisner LLP. Debt facilities were provided by Lloyds Strategic Debt Finance, with Pinsent Masons providing legal advice.
“Isca Ventures delivered value throughout this transaction. The quality of advice we received at every stage was first class and their knowledge and experience of private equity transactions was invaluable. To have such an experienced Partner team based locally made a real difference” added Gary McConnell.