Avove - Rubicon Partners

Avove

Avove is a water focused, utilities services carve-out of Amey plc with framework contract relationships with four of the major UK Water Companies.

overview

Avove design, build and maintain the UK’s utilities infrastructure, delivering industry-leading performance in water, waste-water, telecoms and power management sectors. Avove has been created through a complex carve-out of framework contracts with 4 of the 5 major UK Water Companies and is now a fully-fledged utility services company, leader in the markets in which operates and with ambitious growth prospects.

Avove Annual Review 2023

Investment rationale

A complex carve-out, requiring replacing ERP and implementing significant transition service agreements, as well as undertaking a management re-organisation.
Robust regulated market dynamics with high visibility.
Expand water remit and take positions in power and fibre markets.
Enhancement of the Management Team, including recruiting a new CEO and developing a clear strategic focus for the organisation.
New brand and identity, support to reconnect with customers and employees.