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Inflexion Private Equity, the mid-market private equity investor, announces today that it has led the MBO of Pims Group, a UK market leading waste water support services company.
Established in 1972, Pims Group comprises Pims Pumps, dealing with the design, installation and commissioning of the pumps, and Pims Services which deals with their maintenance and service contracts. The business, run from the main site in Farnborough and a depot in Stoke on Trent, provides domestic and commercial sewerage and rainwater pump systems and services throughout the UK.
Employing 114 people, Pims offers a national one-stop-shop to its 4,000 clients, including Tesco, Persimmon, Sainsbury’s and McAlpine. In 2007 the company sold and installed over 700 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.
The company operates in a fragmented marketplace estimated to be worth about £725 million in 2007 with few competitors of similar scale and coverage. The scale of the marketplace rises to £1 billion when service, installation and consultancy services are added to product sales.
Simon Turner, Managing Partner of Inflexion Private Equity, said: “We have been aware of Pims Group’s development for a number of years and have been impressed by its substantial operational and financial progress. We are looking forward to working with management in the future to enhance the company’s growth both organically and by acquisition.”
Charlie White, Managing Director of Pims Group, said: “Inflexion stood out from the pack as the ideal partner due to their thoughtful and informed approach. We look forward to a fruitful relationship as we work together to achieve our aim of becoming the dominant water services business in the UK.”
Simon Turner, Charles Thompson and Andrew Mainwaring led the transaction on behalf of Inflexion and Simon and Charles will join the Pims Group Board of Directors. Inflexion have taken a majority equity share holding; the management team have also invested, and a package of debt facilities was committed by HSBC.