Grovepoint and Rubicon acquire Aquamain

Kenny Wastell
22 February 2018

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Grovepoint Capital and Rubicon Partners have acquired UK-based water utility services company Aquamain.

As part of the deal, Mark Perkins, formerly of Enserve Group, Wates and Shepherd Group, will take on the role of executive chairperson. Aquamain founder Gary McConnell will retain a stake in the business and will continue to be involved in the role of adviser.

The transaction is the second time in three months that Grovepoint and Rubicon have jointly acquired a company, following the buyout of oilfield decommissioning and metal recycling business John Lawrie Group in November. The pair regularly make investments alongside each other via their joint investment venture, RG Industries.

Rubicon specialises in investments within the manufacturing and distribution segments for the aerospace, agriculture, automotive, building products, diversified industrials and energy sectors. It targets buyouts of businesses with enterprise values of £15-250m with a view to remain invested for more than seven years.

Debt
Lloyds Strategic Debt Finance provided debt facilities to support the transaction.

Company
Founded in 2004 and headquartered in Shepton Mallet, Somerset, Aquamain provides water-supply-related services, including mains and plot connections. Its clients include home builders and regional water companies.

People
Rubicon Partners – Peter Brock, Andrew Fischer, Ian Fisher, Alan Fletcher (partners).

Advisers
Equity (Rubicon) – PwC (corporate finance, tax, commercial due diligence); Proskauer Rose (legal).
Equity (Grovepoint) – Berwin Leighton Paisner (legal).
Vendor – Isca Ventures (corporate finance).
Debt – Pinsent Masons (legal).