BGF invests £3m in Flowline

The capital will enable Flowline to acquire Clearaway Drainage Services, add to its own management team and train staff to work across new services.

Flowline stated that the acquisition will add rail and industrial market expertise to its services. It will also seek to make further acquisitions with BGF's investment.

Following the deal, Alan Horton has been appointed as a non-executive director on the Flowline board.

Earlier this month, unquote" spoke with BGF's CEO, Stephen Welton, about the London Stock Exchange Group's new Elite programme for high-growth companies – read our analysis here.

Company
Founded in 1991 and based in Rayleigh, Essex, Flowline is a drainage contractor for the water and highways market. The company provides services including CCTV pipeline surveying, high pressure water jetting, gully and catchpit cleaning, waste recycling, liquid waste tankering and road sweeping. Its customers include Thames Water and Anglian Water.

In the year ending July 2014 Flowline generated a turnover of more than £8m. It also has operations in Surrey and Hertfordshire and has a headcount of 85.

People
Rory Pope is an investment director at BGF and will take a seat on the board at Flowline. Amit Hindocha and Jessica Zoutsos also worked on the investment for BGF. Barry Robins is founder and managing director of Flowline. Frank Cleary is founder and managing director of Clearaway.

Advisers
Equity – Addleshaw Goddard (Legal); Smith & Williamson (Financial due diligence).
Company – WK Corporate Finance (Corporate finance); Beale & Company (Legal).

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• Topics
• UK / Ireland
• Expansion
• Support services
• BGF (Business Growth Fund)
• United Kingdom