Waterland invests in Gas Tag

It is the first investment made by Waterland's UK team since opening an office in Manchester in February 2017.

Waterland purchased newly issued shares worth £7.9m, according to publicly available documents.

Waterland UK's managing director, Andy Scaife, and senior investment manager Ryan Hallworth will join the board of Gas Tag.

The growth capital will be used to scale up the business rapidly within the UK and expand internationally.

Company
Gas Tag was founded in 2015 by Paul Durose and Stephen Ullathorne. It develops devices for landlords, housing associations and local authorities to enforce gas safety regulations. A physical electronic tag is installed on a gas outlet, which records and tracks all gas appliances and any gas works carried out on a property.

People
Waterland Private Equity – Andy Scaife (managing director); Ryan Hallworth (senior investment manager).
Gas Tag – Paul Durose, Stephen Ullathorne (founders).

Advisers
Equity – Deloitte, Andy Westbrook Tom Cooke (corporate finance); Richard Bell, Dan Wright (financial due diligence); Sean Beech (tax); CIL, Seb Chambers, James de La Salle (commercial due diligence); Hill Dickinson, David Mkhitarian, James Down (legal).
Company – Brabners, Mark Rathbone (legal).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• Waterland Private Equity
• United Kingdom
• Minority investing