FW Capital backs UTS Group

FW Capital manages the £20m North East Growth Plus Fund and the £35m North West Fund for Business Loans. It is part of Finance Wales Group.

Following the investment, UTS plans to build on contracts with water companies and to expand into the gas transportation sector. It will also improve its current systems.

UTS's existing lender, HSBC, will continue to support the business alongside the new investors.

Company
UTS Group consists of three subsidiary divisions, UTS Engineering Ltd, UTS Ltd and UTS Composites Ltd. It is headquartered in Jarrow.

The group specialises in repairing pipelines without interrupting supply. UTS's customer base includes water companies Thames Water, Veolia and Welsh Water. The company employs 105 people and is currently recruiting as part of its expansion plans.

Latest turnover figures for the business were £9m and it has forecast a £13m turnover for 2014. The company was founded around 20 years ago.

People
Joanne Pratt, senior investment executive at FW Capital, led the deal.

Advisers
Equity – Ward Hadaway (Legal); Tait Walker (Financial due diligence).
Company – Haines Watts (Financial due diligence); Sintons (Legal).

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• Topics
• UK / Ireland
• Expansion
• Industrials
• Finance Wales
• Mezzanine