WestBridge invests £12.8m in Aptus Utilities

Katharine Hidalgo
06 December 2019

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WestBridge has invested ТЃ12.8m in multi-utility services provider Aptus Utilities.

The firm drew equity from its WestBridge SME Fund II, which closed on £140m in June 2019. The fund makes equity investments of £10-20m in companies with enterprise values of £15-40m.

The company has also received financing from OakNorth Bank as part of this transaction.

Martin Donnachie, previously the CEO of utilities infrastructure organisation Fulcrum, will be joining as executive chair. The founders, Andrew Reay, Jonathan Holden and Fred Story, remain significant shareholders.

Company
Established in 2010, Aptus designs, builds and installs gas electricity and water networks, as well as street lighting, on residential, commercial and industrial developments. Headquartered in Bolton, Aptus has four regional depots across the UK and a turnover of around £42m.

People
WestBridge – Tim Whittard (director); Guy Davies (managing partner); James MacLeay (investment manager); Peter Barkley (investment director); Rebecca Sinclair (investment executive).
Aptus Utilities – Lisa Kerford (managing director).

Advisers
Equity – Deloitte, Oliver Tebbutt, Chiara Pettinicchio, Keely Hallworth (corporate finance); DSW, Nicola Merrit, Rob Parker (financial due diligence); BDO, Chris Heatlie, Sarah Cumming (financial due diligence); Capital Law, Tom Kelleher, Phil Barratt, Gareth Williams-Davies, Ellie Shanahan (legal); Armstrong, Peter Cookson (commercial due diligence).
Debt – Squire Patton Boggs, Graham Ball (legal).
Company – DWS, Mark Watts, Gregg Pendlington (corporate finance); Ward Hadaway, Sean Fitzgerald (legal).
Management – Hill Dickinson, Ian Gillis (legal).