Rubicon Partners is pleased to announce its acquisition of the Utilities business of Avove in a highly complex carve-out transaction.
Completion took place on 12th April and the business is now operating as a stand-alone entity. This is the fifth investment made by Rubicon Fund V and is consistent with Rubicon’s niche, highly-differentiated investment strategy of “complex industrial”.
Avove, as the company will now be known, provides water and power maintenance services to customers such as Yorkshire Water and Severn Trent. Rubicon has retained the management team that led the business under Amey and will appoint a new managing director in due course. Mark Perkins has joined the Avove board as Executive Chairman; Rubicon Partners and Mark Perkins have, together, successfully invested in a number of utility-services businesses.
This is a hugely positive step into independent ownership for Avove, whilst facilitating Amey’s strategy to focus on its public sector-offering. The move provides the Avove team with the ability to exploit Rubicon’s significant experience in the water, energy, and power sectors and to significantly grow the business.
This transaction underscores Rubicon’s ability to deliver complex carve-out transactions as a reliable and experienced counterparty to corporate sellers.