Management buy company from NYSE-listed parent group
THE management team at a water waste services firm have acquired the business from its NYSE-listed parent.
IETG group, which consists of IETG and sister company 20seven has been bought by managing director Ian Edwards and finance director Richard Bond, and backed by investment from Bentley O-S.
IETG provides clean water, wastewater, drainage and CCTV services whilst 40Seven provides surveying services including utility, land and topographical surveys to users in industry, construction and the utility sector.
IETG Ltd returned revenues of £5.4m and made a loss of £255,928, which was substantially reduced on the previous year.
The group employs 150 staff across the UK, operating from offices in Leeds and Sevenoaks.
Dow Schofield Watts’ Yorkshire office provided buy-side advice to IETG Holdings and Bentley O-S.
Martin Bentley, director of IETG Holdings and Bentley O-S, commented “Our advisory requirement was very focussed and centred around transaction structuring with a targeted piece of financial due diligence.
“The nature of DSW’s model is such that they were able assemble an experienced team at very short notice which was also incredibly important given the timeframes that we were working to.”
Tony Norwood, who led the transaction on behalf of Dow Schofield Watts said: “While IETG has had fantastic backing historically from IDEX, it’s great to see the Leeds based business re-establish itself as an independent company again.
“Ian and Richard’s leadership combined with the support of the Bentley O-S provides the Group with the ideal platform for future growth”.
Jeff Gardner and Rob McCarthy from DSW’s transaction services team completed financial due diligence.
Jonathan Asquez, Duncan Firman and Lucy Leyland of Gordons in Leeds provided legal advice to IETG Holdings with Jonathan Simms and Sarah Harrison of Clarion Solicitors advising management.
