Sovereign backs Euro Environmental Group

Posted: Friday 2nd April 2010

Sovereign Capital, the UK private equity Buy & Build specialist, is pleased to announce the Management Buy-out of Euro Environmental Group (“EEG”), a Scottish based provider of drain and sewer cleaning, inspection and repair services.

Founded in 1997, EEG is one of the UK’s largest providers of jetting and CCTV services and operates in a highly regulated market place from nine sites across Scotland and England. The Company has developed strong relationships with a large number of blue chip customers ranging from utilities and local authorities to industrial and corporate clients.

The predominantly Victorian sewage infrastructure across the UK requires ongoing maintenance requiring non-discretionary, reactive spend which is typically outsourced on three to five year contracts. EEG’s 200 staff manage and operate an extensive fleet of rapid response vehicles that are fitted with the latest CCTV and high pressure jetting technology to clean, unblock, inspect and repair drains and sewers. In addition, EEG provides a range of specialist services from drainage asset mapping to motorway, railway and runway drainage maintenance.

Sovereign has known and followed EEG over the past year and is pleased to be backing a strong and highly experienced management team led by Managing Director Rod Spinks, who will remain with the business. The team is being supported by the appointment of John Pettifor (ex Anglian Water) as non-executive chairman.

Commenting on the acquisition, Andrew Hayden, Managing Partner at Sovereign said: “EEG has achieved an enviable reputation for service amongst its customers by continuously investing in its specialist fleet and equipment and building and developing excellent customer relationships over many years. We look forward to working with the EEG team to further consolidate its position in this highly fragmented market place.”

Rod Spinks, Managing Director of EEG added: “We are excited by the prospect of working with Sovereign to grow the business, both organically and through acquisition, into a truly national provider and take advantage of the forthcoming regulatory investment period to further develop EEG’s customer base.”

Overall, Sovereign has committed total funding of £20 million to EEG and is actively working with a number of geographically complementary businesses to deliver its proven Buy & Build strategy.

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