Michelmores advises on the sale of utility services firm, Aquamain, in private equity deal
The Somerset-based utility services provider has been acquired by private equity house Rubicon Partners and investment firm Grovepoint Capital.
Aquamain was established by founders Gary and Suzanne McConnell in 2004. The company contracts with water companies and housing developers to install water mains and plot connections on large residential sites throughout the country. This process, known in the water industry as 'self-lay', is becoming increasingly popular in relation to housing developments.
Richard Cobb, Corporate Partner at Michelmores, commented:
“Aquamain is an outstanding company that has been extremely well-run by Gary and Suzanne. We are delighted to have helped them through the sale and advised on their continued involvement in the business, which looks set to go from strength to strength in the coming years.”
Gary will remain with the business as a shareholder and adviser and will continue to hold positions on a number of industry forums, including Water UK's consultation in relation to proposed industry-wide changes in the regulation of self-lay.
Gary McConnell said:
“It was a pleasure dealing with the team at Michelmores and we felt like we were in safe hands throughout this transaction. The team provided us with excellent advice and guidance and helped make a potentially complicated process very straightforward. I am delighted with the outcome and excited about my continued involvement with the business."