Bridgepoint-backed Evac acquires Cathelco

Nicole Tovstiga
01 June 2018

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Finland-based waste water collection and treatment system manufacturer Evac Group, backed by Bridgepoint, has acquired UK-headquartered Cathelco, a manufacturer of ship equipment.

With the acquisition, Evac plans on expanding its cleantech services portfolio with the addition of new systems, including ballast water treatment systems.

MCF acted as adviser to Evac, which was acquired by Bridgepoint last year in a secondary buyout from IK Investment Partners.

Evac employs a staff of 240 and operates from nine global offices. It reported total revenues of €136m in 2017.

Previous funding
Evac was originally part of Finnish toilet manufacturer Sanitec, which was bought by BC Partners in 2001. Evac was later divested to French marine group Zodiac in 2007. Oaktree bought Evac alongside Milpro from Zodiac Marine & Pool – owned by Carlyle – for €175m in January 2013.

In October 2014, IK purchased the company from Oaktree Capital in a transaction leveraged at roughly 50%, with the all-senior debt package being provided by a club of Nordic banks.

Bridgepoint acquired Evac from IK Investment Partners in September 2017. The deal was supported by a €185m debt package and generated a return multiple in excess of 2.5x for IK, according to Unquote Data.

Company
Founded in 1956 and headquartered in Chesterfield, Cathelco manufactures equipment for ships and the offshore oil and gas industry. The firm posted a turnover of €31m in its 2017 financial year.

People
Cathelco Group – Justin Salisbury (group managing director).
Evac Group – Tomi Gardemeister (CEO, president).