Arcus Infrastructure Partners has agreed to acquire Workdry International
Workdry International Limited is the UK’s leading provider of water pumps and industrial wastewater treatment products and services. The company operates under two complementary trading businesses – Selwood, which manufactures and rents water pumps and associated equipment, and Siltbuster, which provides equipment for on-site water treatment and wastewater processing. Workdry serves customers across the utilities, infrastructure and construction sectors with regular maintenance as well as on an emergency call-out basis. Since 1994 when Kevin Bright, former Chief Executive Officer and Chairman, led a management buyout, the Bright family has transformed the business into the leading UK engineered water solutions specialist with a nationwide network of 22 depots equipped with a modern and well-invested fleet.
Lincoln International had tracked the business over many years and supported Arcus Infrastructure Partners in facilitating early-stage dialogue with the company’s shareholders and through provision of analyses throughout the acquisition process, helping to ensure that Arcus was well placed as a potential buyer for the business. Lincoln also co-advised on the acquisition financing of the transaction which was executed during a period of macroeconomic volatility. With Arcus’ support, Workdry is keen to continue its successful growth trajectory and further strengthen its position as the leading provider of water pumps and wastewater treatment products.
Phillip McCreanor, Managing Director and co-head of Europe at Lincoln, commented, “We are delighted to have supported Arcus on this transaction, which marks the first investment in their new fund. As the regulatory environment around water treatment becomes more stringent, utilities and infrastructure site managers are looking to outsource their water pump and treatment needs to a trusted and reliable partner with the expertise to prevent potential water pollution, the associated fines and reputational damage. Companies like Workdry, that have strong technical and engineering capabilities and a broad, well-equipped fleet, are expected to benefit from this trend.”
Arcus is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of approximately €19 billion (as of 30 June 2022). Arcus targets middle market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics, industrials and energy sectors.
We have spent significant time reviewing value-add industrial asset leasing businesses in Europe, and Workdry stood out as a key target not only due to its strong management team and market leading position but also given its strong fit with Arcus’ infrastructure investment strategy. We thank Lincoln for their support throughout the process and look forward to partnering with the Bright family and Workdry’s very strong senior management team in delivering the next phase of growth for the business.
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