Portfolio company development: Strategic acquisition by Pims Group
Inflexion is pleased to announce an acquisition by Pims Group of Comet Tankers. The deal was completed utilising Inflexion investment funds and acquisition finance provided by HSBC. Comet Tankers is the second acquisition made by the company since Inflexion’s original buyout of Pims in March 2008.
This acquisition significantly expands the range of waste water services that Pims provides to commercial and domestic clients. Based in Hertfordshire, Comet Tankers operates a fleet of 95 specialist vehicles from 6 locations across the country, the group has over 600 customers and a turnover of in excess of £6.5m. Comet Tanker’s services include drain and sewer cleaning, CCTV surveys and high pressure jetting. The acquisition offers joint customer development opportunities through the provision of an integrated service on a National basis to the waste water network.
Pims Group offers a national one-stop-shop to over 4,000 clients, including large blue chips such as Tesco, Persimmon, Sainsbury’s and Carrillion. In 2008 the company sold and installed over 900 pumping stations and provided service and maintenance for more than 8,000 residential, commercial and industrial sites. The Group has historically grown at more than 10% year on year and is forecast to maintain this momentum, having established a deserved reputation for design quality and service expertise.
Simon Turner, Managing Partner of Inflexion, commented, “The growth and development of our portfolio companies has always been hugely important to us and this, the second acquisition by Pims under our ownership, demonstrates our commitment to that. We very much look forward to working with the expanded company in the future.”