MBO splits wastewater business from US parent
WATER and wastewater specialist IETG Group has split from its parent company after directors completed a management buy-out from its US owner IDEX Corporation.
IETG and its sister company 40Seven will become a standalone £7m-turnover business, brought together under new parent company IETG Holdings.
The MBO has been led by managing director Ian Edwards and finance director Richard Bond, with funding provided by Bentley O-S. The value of the deal has not been disclosed.
Mr Edwards said “IETG and 40Seven represent great brands in their respective markets and, with Bentley O-S’s support, we very much look forward to continuing to build on the recent historical success of the business.”
Around three-quarters of the group’s 150 staff are based at its Leeds head office, with the remainder in Sevenoaks.
IETG provides clean water, wastewater, drainage and CCTV services and is a global leader in flow monitoring, while 40Seven provides specialist surveying services including utility, land and topographical surveys to users in industry, construction and the utility sector.
Tony Norwood led the transaction on behalf of Dow Schofield Watts, while Jeff Gardner and Rob McCarthy from the firm’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.
