Our client, private equity firm WestBridge, has completed a £12.8m investment in Aptus Utilities Limited, to support this provider of multi-utility services in its growth and expansion plans.
It is WestBridge’s biggest deal to date, and the second WestBridge II funded transaction in the North West. WestBridge’s investment is alongside debt finance provided by OakNorth Bank.
Capital advised the WestBridge team – Tim Whittard, Guy Davies, James MacLeay and Peter Barkley – on the legal aspects of this landmark deal.
Our team was led by Tom Kelleher with Phil Barratt, Alys Carlton, Gareth Williams-Davies, Cath Golledge and Ellie Shanahan and other sector specialists across the firm.
WestBridge will be actively involved in supporting Aptus’ development with Guy Davies and Tim Whittard joining the Company’s board.
Guy Davies, Managing Partner, WestBridge, said:
“This is a landmark deal for WestBridge in a year that has been extremely busy. Throughout the year the support from Capital Law has been outstanding”
Tim Whittard, Director, WestBridge, said:
“We are delighted to have completed this investment in Aptus, a highly respected, well-run business that has grown substantially each year from inception. We are very excited about joining MD Lisa Kerford and the team as the company continues its impressive track record and embarks on its next phase of growth and development. Furthermore, we believe that securing Martin Donnachie as executive chairman, significantly adds to the DNA of the business, creating arguably a market leading executive team. As ever Capital Law’s advice and support were invaluable and helped us get the deal across the line.”
Tom Kelleher, Partner, Capital Law, said:
“WestBridge’s ability to work with management teams to develop and grow businesses is much in evidence in the way this deal has been structured. This is our 10th management buy-out for WestBridge as it backs a highly rated team, and it has been a pleasure for us at Capital to help make this happen.”