Everflow, based in Wynyard Business Park, is looking forward to a period of growth following investment from private equity firm Perwyn, secured with support from Baldwins Accountants, a CogitalGroup company.
Everflow, which supplies water to commercial businesses in England and Scotland, has also recently recruited James Cleave as finance director, who previously worked at Deloitte, to help with the firm’s next phase of growth.
The deal was fully advised by North East-based professionals, including Marc Allison from Watson Burton, Katherine Hey-Heddle and Imogen Holland from Ward Hadaway, who provided legal advice; and financial due diligence adviser, Graham Maughan from Ryecroft Glenton.
Josh Gill, founder and managing director of Everflow, said: “The investment from Perwyn will allow us to accelerate our growth plans and take advantage of the opportunity that deregulation has presented to us.
“We believe there is gap in the market in terms of a water supplier who can offer a low-cost pricing model whilst doing the simple things such as billing effectively. Delivering technology-driven solutions that reduce water consumption and costs for businesses is a key part of our growth plans and we look forward to working with the Perwyn team to that end.”
The Perwyn team led by Andrew Wynn and Ravi Sharma said: “There is a still an education process for the market as many businesses do not fully appreciate that they have a wider choice in terms of water supplier.
“Given Everflow’s low-cost and simple pricing model, we believe there are exciting times ahead for the business and look forward to working with the management team over the coming years.”
Everflow, which delivers a low-cost offering, with strong customer service and a value-added efficiency proposition, was established three years ago by Josh and operations director Adam Straker in order to take advantage of deregulation in the UK water industry.
One of the UK’s fastest growing accountancy firms, Baldwins, advised the firms throughout the deal. corporate finance director Abu Ali said: “Everflow is an exceptional business which has seen a significant level of month-on-month growth since inception. We are delighted that we have found a suitable investment partner for the business going forward.
“The Baldwins model is about advising entrepreneurs like Josh on all aspects of business growth. The market continues to be buoyant and we are seeing a number of funders actively seeking investment in the North East.”