A County Durham-based multi utility supplier is set to expand its range of services, following a management buyout which has seen lead investor Perwyn partially exit the business.
Perwyn originally invested in Everflow, which provides eco-friendly water supply and waste collection services to businesses across the UK, in 2018.
The firm is exiting as part of a wider MBO by the existing management team, but will maintain a significant minority stake and retain its seat on Everflow’s board.
Perwyn will continue to support the company’s strategy to sustain organic growth and venture into multiple utility sectors, with plans to explore new verticals.
Ravi Sharma, partner at Perwyn and board member of Everflow, said: “We have been tremendously impressed with Everflow’s performance.Their journey began in 2017 when the UK water market deregulated, and it has been truly satisfying to witness its remarkable growth, now serving over 60,000 customers.
“The government’s deregulation initiative fostered increased competition, allowing Everflow to identify and seize opportunities using its technology focussed approach, ultimately benefitting water users. They have emerged as market leaders, capturing 26 per cent of customer switches since deregulation. Josh and his team have done a phenomenal job.”
Josh Gill, founder and chief executive of Everflow, added: “We are grateful to Perwyn for their enduring support of Everflow and are very pleased that they will remain shareholders. Ravi and his team have played an invaluable role in our growth journey to date and their support and advice will remain key as we look to substantially scale the business into different utility verticals.
“We have learnt how to maximise advantages in UK utilities markets following the end of monopoly models for those basic services and our future plans include targeting the telecoms and wider utilities.”
The Perwyn deal team consisted of Ravi Sharma, Mike Rothwell and Mark Deed.
Advisers included WilliamsAli (Phil Williams and Abu Ali), Muckle LLP (Matt Walsh), and Hill Dickinson (David Mkhitarian).