Category: Uncategorized

Avove provides end-to-end design and build solutions to utilities in the water, wastewater, and power sectors. It operates across Great Britain and Northern Ireland and has built a strong reputation for high-quality delivery, for being an employer of choice, and for generating social value in the communities it serves, underscored by several recent award wins.

With the AMP8 investment cycle now underway, Avove is well placed to support the substantial programme of renewal and upgrade planned across the UK’s water networks in the years ahead.

Rubicon acquired Avove in April 2022 through a complex carve-out from Amey plc, a subsidiary of Ferrovial SA. Under Rubicon’s ownership, Avove has been transformed into a standalone, professionalised business, more than doubling revenue and growing profits by over five times, driven by a focus on operational delivery, innovation and employee and customer engagement.

The existing Avove management team will remain with the Company and will work alongside H.I.G. to drive its future development.

Rubicon Partners were advised by Canaccord Genuity (Sell-side M&A Adviser), Proskauer Rose (Legal), KPMG (Financial and Tax Diligence) and Teneo (Commercial Diligence).

Headquartered in Halesowen, UK, Erodex is a leading global supplier of graphite and brass tube electrodes, EDM consumables, and carbon products, primarily used for the manufacturing of turbine blades and aerofoil structures for aircraft engines and industrial gas turbines. Erodex has in-house design, tooling and manufacturing capabilities through its state-of-the-art machine shops in both the UK and the USA. The business is best known for its manufactured premium graphite electrodes and brass tubes that support global OEM and Tier 1 manufacturers.

Erodex represents Rubicon’s 85th industrial investment and the second investment made through Rubicon Partners Fund VI SCSp. Rubicon’s experience includes seven previous investments in the Aerospace sector, including Farsound Aviation, Attewell (now part of Avantus Aerospace) and Invotec (now part of Amphenol).

Following Rubicon’s investment and the retirement of the family shareholders, the business will be led by James Kirk who will step up from Operations Director to CEO, and Raj Rainu (CFO). James and Raj, together with their team, will drive the next phase of Erodex’s international growth in partnership with Rubicon.

Rubicon Partners was advised by KPMG (Financial and Tax), McDermott, Will, and Schulte (Legal), Roland Berger (Commercial), FRP Corporate Finance (Debt), AON (Insurance and Cyber) and EDP / RSK (ESG and Health and Safety). HSBC UK Bank plc acted as Sole Senior Debt Lender to support Rubicon’s investment into Erodex. The sellers were advised by KPMG (M&A) and Higgs (Legal).

Following the transaction, the APC business will be known as Airnord.

Headquartered in Copenhagen, Denmark, Airnord is a global specialist in Electrostatic Precipitators and other air pollution control systems. Airnord has robust capital and aftermarket services including upgrades and retrofits, maintenance, and spare parts which serve the Pulp & Paper, Metals, and Cement industries primarily.

As a result of Rubicon’s investment, Flemming Jensen will step up to CEO and together with other members of his Management Team will drive the international growth of Airnord. Flemming and the Management Team will become shareholders in the business.

Rubicon Partners was advised by PwC (Financial and Tax), Proskauer Rose (Legal), Kearney (Commercial), AON (Insurance) and Change Mavericks (IT).

Headquartered in West Bromwich, Jacopa design, supply, install, maintain, hire and service a range of wastewater and water treatment equipment for customers. Jacopa is a key supplier to all the end-user Municipal water companies in the UK and Ireland.

Alex Lloyd (Managing Director) and Pete Sargent (Finance Director) formed Jacopa in 2015, carving the UK and Irish municipal wastewater and water division out of Ovivo Inc.

Alex and Pete will remain as shareholders in the business in their existing executive capacities, and Rubicon will work with Alex and the management team in a close partnership to develop and grow the capabilities of the business further.

Rubicon was advised by OC&C (Commercial), KPMG (Financial), PwC (Tax), AON (Insurance), Proskauer Rose (Legal), Waterman Group (ESG), FRP (Debt) and Crosslake (Technology). Debt facilities were provided by Shawbrook Bank.

Headquartered in Liverpool, UK, Centriforce is Europe’s leading manufacturer of damage prevention products for the Utility, Agricultural, Building and Landscaping markets. Centriforce manufactures its core products from 100% recycled plastic, providing a high quality, circular economy solution for regulated end-markets. Centriforce is best known for its range of industry leading products, including Stokbord ®Utility Protection, Tapetile® and Locata®.

As a result of Rubicon’s investment, Jonathan Pearce will step up from his role as Sales Director to CEO and, together with other members of his management team, in partnership with Rubicon, will drive the international growth of Centriforce. Jonathan and his team will become shareholders in the business.

Rubicon Partners was advised by PwC (Financial and Tax), Proskauer Rose (Legal), CIL (Commercial), Clearwater International (Debt), AON (Insurance and Cyber) and Waterman Group (ESG and Health and Safety). Investec Direct Lending acted as Sole Lender to provide Senior Debt facilities to support Rubicon’s investment into Centriforce.

Rubicon Partners had the opportunity to acquire CMD in 2022 as a carve-out from its then US-corporate owner, IDEAL Industries. Under Rubicon’s ownership, CMD has accelerated its product strategy targeting the growing shift towards collaborative working and sustainable solutions. CMD is the first realisation from Rubicon Partners Fund V SCSp.

The existing CMD management team will remain with the Company and will work alongside Luceco to develop the business further.

Rubicon Partners were advised by KPMG, PwC and Proskauer Rose LLP. Luceco plc were advised by RSM and Squire Patton Boggs (UK) LLP.

OS Doors, headquartered in Dungannon, Northern Ireland is now the UK & Ireland leader in product design, quality & service to the kitchen, bedroom, bathroom, leisure homes, free standing furniture and fit out sectors on frontal doors & accessories. OS Doors also offers the broadest range of styles, designs & colours across all frontal sectors from PVC to painted, 5 piece, cut & edged with primary focus on bespoke, made to measure capability alongside the shortest leadtime in the industry sector.

OS Doors sells mainly to retailers, tradespeople, and distributors with two trade counters in Dublin and one in Manchester. OS Doors employs 350 people across its manufacturing facility and trade counters.

The existing management team, led by John Toomey, will continue to lead the business and will work alongside Rubicon to develop the business further.

Rubicon Partners was advised by PwC (Financial and Tax), CIL (Commercial), AON (Insurance), Proskauer Rose (Legal), Philip Lee (Irish legals), Waterman Group (ESG) and Xaeus Blue (Technology). Debt facilities were provided by PNC Business Credit.