WestBridge invests £9.8m in Apem MBO

The deal is structured as a combination of equity and loan notes. It forms part of a succession plan that will see founder Keith Hendry retire, while managing director Adrian Williams and Stuart Clough, president of Apem's US subsidiary, will lead the group.

Under its new ownership model, the business will look to expand into new market segments and pursue potential bolt-on opportunities. It is also currently in the process of opening its US office.

WestBridge founding partners Guy Davies and Valerie Kendall will take seats on the Apem board.

Debt
Yorkshire Bank also provided senior lending and working capital facilities to support the deal.

Company
Founded in 1990, Stockport-headquartered Apem provides environmental consultancy, laboratory services, field surveys, and remote sensing, with a focus on aquatic environments. The company's clients primarily operate in the water, power, engineering, construction and transport sectors, and its services include water quality and pollution analysis, species and habitat surveys and aerial surveys. The business has eight UK offices and one in Germany. It generates a turnover of £10m, according to a statement.

People
WestBridge Capital – Guy Davies, Valerie Kendall (founding partners); Edward Minton, James MacLeay (investment managers).

Advisers
Equity – Dow Schofield Watts, Peter Barkley, Thomas Dutton (corporate finance, debt advisory).
Company – Capital Law, Tom Kelleher (legal).

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