Watersheds helps client in £10 million management buy-out
Swindon-based corporate finance advisor Watersheds has helped heating hire firm Watkins Hire access over £10 million to facilitate a management buy-out.
The buy-out of the firm, which in based in the Forest of Dean with depots around the UK, was led by incoming chief executive Paul O’Kelly.
Established in 1998, the firm – which supplies heaters, boilers, chillers and air conditioning units – was a major contractor to the London 2012 Olympics.
The £10.1 million investment came from private equity investor Baird Capital Partners Europe. The business intends to use the funding to grow its rental fleet and invest in engineering, service and operational infrastructure.
Sue Green of Watersheds said: “We were engaged by Paul to help him find a business where he could add real value and deliver significant growth.
“Watersheds introduced Paul having identified Watkins Hire as a great match for his skills and experience, and helped him to find the right structure and investment partner to complete the investment and take the business forward.”
“Watersheds successfully identified the perfect match between my background and skill base and the needs of Watkins Hire,” said Paul.
“I am very pleased now to be able to join Watkins Hire as its Chief Executive at such an exciting period and to help the business grow and develop its full potential.”