Portfolio company development: Strategic acquisition by Pims Pumps
Following the acquisition of Pims Pumps, a UK market leading waste water support services company in March 2008 and the appointment of Ian Grice as Chairman in June, Inflexion is pleased to announce Pims’ first acquisition, of Hydroserve, the sewage treatment plant services business for £500k. The deal was completed using the company’s cash reserves
This acquisition builds on Inflexion’s original investment rationale to develop and expand the Pims business on a national level. Based in Hampshire, Hydroserve was the service division of Conder Environmental operating with over 2000 customers and a turnover of in excess of £2m. The business services sewage treatment plants and oil seperators and extends the range of services provided by Pims. The acquisition offers both operational synergies and customer development opportunities through the additional purchase of data for some 25,000 installations that currently have no service contract.
Pims offers a national one-stop-shop to over 6,000 clients, including Tesco, Persimmon, Sainsbury’s and Carrillion. In 2007 the company sold and installed over 800 new pumping stations and provided service and maintenance for more than 5,000 residential, commercial and industrial sites. The Group has historically grown at around 13% 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, “At Inflexion we are very committed to investing in the growth and development of our portfolio companies. Pims’ acquisition is an excellent example of our work with management to identify and capitalise on opportunities from the very beginning of our ownership. Pims continues to go from strength to strength and we look forward to working with the newly expanded company as it continues to grow.”