Sovereign Capital and Future Environmental Services form Euro Environmental Group

15 March 2010

UK private equity buy-and-build specialist Sovereign Capital has acquired certain trading assets of Future Environmental Services in the first transaction for the recently-backed Euro Environmental Group, creating a UK provider of drain and sewer cleaning, inspection, surveying and repair services.

Overall, Sovereign has committed total funding of £20m to Euro Environmental Group and said it is actively working with other geographically complementary businesses to deliver its buy-and-build strategy.

Rod Spinks, CEO of Euro Environmental Group said, ‘In less than one week since we were backed by Sovereign, we are delighted to have achieved immediate critical mass in our growing market. We very much look forward to working together to further develop our combined presence throughout the UK.’

RBS has also provided funding to support Sovereign within the sector.

Alan McCaskie, director of structured finance at RBS, added, ‘RBS is delighted to be supporting Rod and his team, who have established an enviable reputation in delivering environmental solutions across the UK. In Sovereign Capital, Euro Environmental Group has a financial sponsor with a demonstrable track record in buy-and-build strategies and RBS looks forward to assisting the management team and Sovereign in delivering their growth plan.’

As well as augmenting Euro Environmental Group’s national reach, Future Environmental Services brings expertise in flow monitoring and pipe lining capability to the group.

‘Future and Euro Environmental Group now have the opportunity to cross sell their capabilities amongst their diverse customer base and benefit from the scale of the combined group,’ said Andrew Hayden, managing partner at Sovereign. ‘We will support management to further grow the business and take advantage of the imminent regulatory investment cycle.’

Founded in 1999, Future Environmental Services’ clients include Balfour Beatty, Scottish Water, Thames Water, Clancy Dowcra, Mouchel and Enterprise.

Copyright © 2010 NewNet

Tags: energy efficiency

This story was published on Monday, March 15th, 2010 at 12:28 pm and is filed under Europe, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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