Dunedin-backed CET acquires TriAqua

With the acquisition, CET intends to strengthen its drainage division through TriAqua's technical expertise in drainage services, and develop a broader plan to double the size of the CET business over the next four years. Dunedin backed the management buyout of CET Group in 2005 from its 2004-vintage Equity Harvest Fund.

With two distinct divisions, CET offers materials and testing services in addition to insurance services. CET chairman and former senior Dunedin partner David Williams told Unquote that the insurance side of the business is not subject to Brexit concerns as home emergenices and storms occur regularly and as such it is not a cyclical business.

The deal comes 12 months after CET appointed CEO Peter Eglinton to lead the growth of the business, including geographical expansion, strategic acquisitions and investment in people. CET recorded revenues of £34m in its latest financial year, growing 25% year-on-year, according to the company.

Dunedin is currently investing from its latest vehicle, Dunedin Buyout Fund III, which held a final close on £300m in June 2013, according to Unquote Data. The GP has to date funded 49 portfolio acquisitions from its second and third funds.

Clearwater partner Marcus Archer has been appointed to advise the CET board.

Company
Founded in October 2016 and based in Henley-In-Arden, Warwickshire, TriAqua manages drainage insurance claims and provides services to reduce indemnity spend. 

People
Dunedin – Katie Chung (investment manager).
CET – Peter Eglinton (CEO).

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