Westbridge acquires Wilcomatic

Financial details of the transaction remain undisclosed, though the GP is currently investing from Westbridge SME Fund II, which has a target of £100m and typically makes equity investments of £5-15m in companies with enterprise values of £10-25m.

The company's existing management team will continue to lead the company under its new owners, led by joint managing directors Selwyn Rodrigues and Kevin Pay.

Company
Founded in 1967 and headquartered in Croydon, near London, Wilcomatic manufactures and supplies car wash equipment for service stations and petrol station forecourts. It provides products including jet wash equipment, roll-over car wash systems, vacuum units, tyre inflation equipment and water recycling systems.

The company also provides rail wash systems to rail depots in the UK, India, Malaysia and other Asian countries, with clients including Siemens, Bombardier, Hitachi and Volker Fitzpatrick.

Wilcomatic has a headcount of 60 and generated a turnover of £15m in the year ending in February 2018, according to publicly available documents.

People
Westbridge Capital – Sandy Smart (partner); James Wakefield (partner, chairperson); Ed Minton (investment manager).
Wilcomatic – Selwyn Rodrigues, Kevin Pay (managing directors).

Advisers
Equity – Capital Law, Tom Kelleher (legal); Crowe (financial due diligence); BDO (deal structuring); CIL (commercial due diligence).
Vendor – Evolution CBS, Steve Barry (corporate finance); Mackrell Turner Garrett, Maung Aye (legal).

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• Topics
• Buyouts
• UK / Ireland
• United Kingdom
• WestBridge Fund Managers
• BDO LLP