Wastewater firm acquired in Birmingham advised MBO
THE West Midlands-based municipal arm of Canadian-listed group Ovivo has been acquired in a management buy-out advised and funded out of Birmingham.
The municipal arm, based in West Bromwich, is involved in the supply, installation and maintenance of equipment and treatment processes in the municipal water and wastewater industries. The business employs around 70 staff, with a turnover of £13m.
Having left the Ovivo brand, the deal sees the company trade under the name Jacopa. The new company will continue its focus on the UK and Ireland wastewater sectors, offering a variety of brands, including Copa, Jones+Attwood, Aquator, Tomkinson and MBR Technology.
The management buyout will see the business being led by well known industry figure Alex Lloyd. Previously vice president at Ovivo’s UK municipal arm, Lloyd now takes on the role of managing director at Jacopa.
The terms of the deal have not been disclosed.
Birmingham-based mid-market advisory firm, Clearwater International, led by partner Rob Britton and associate Mark Gillingham, advised Ovivo’s senior management team on the deal.
Clearwater International has also invested in the management buyout with its own funds. The firm, which currently employs 135 professionals and has 12 offices around the world, enjoyed a bumper 2014, advising on 51 deals worth £1.09bn (€1.5bn).
The transaction also involved a number of other Birmingham firms, with Gateleys, led by Tom Durrant, advising the management team and Paul Edmeades, of Shawbrook Business Credit providing the funding.
Alex Lloyd, managing director of Jacopa, said: “Jacopa is an exciting development for the UK municipal wastewater sector and will provide a comprehensive range of market-leading processes and products from a single well respected source, and which have been proven over many years to deliver on exacting customer requirements.”
Rob Britton, partner at Clearwater International, said: “The management buyout has been a huge success for both parties. Jacopa can rise to the challenge of capitalising on the new AMP 6 methodology in the UK and Ireland, whilst Ovivo can focus on its core North American market.
“Clearwater is excited to invest alongside the management team and we are confident that Jacopa is in a strong position to exploit these opportunities and to bring new innovative products to the market.”
