Process engineering specialist Purac has been bought by its management for £19.1 million from water services and infrastructure management group AWG. The buy-out team funded the deal alongside equity provided by Aberdeen Asset Managers Private Equity.

Process engineering specialist Purac has been bought by its management for £19.1 million from water services and infrastructure management group AWG. The buy-out team funded the deal alongside equity provided by Aberdeen Asset Managers Private Equity.

The five-strong buy-out team was led by managing director Malcolm Wilkinson, who joined the business in 1989.

Aberdeen’s investment was managed by head of investment, private equity, Francesco Santinon, who was supported by Joe Wiley and Craig Hopwood. Santinon joins Purac’s board following the completion of the deal and plans to appoint a non-executive director.

The funding package also comprised senior debt, working capital and bonds provided by Bank of Ireland. The bank’s team was led by David Chell, who was supported by James Eyre, Laverne Picart and Damian Connelly.

Aberdeen was advised by law firm Hammonds, led by national head of private equity, Jonathan Jones. The vendors received financial advice from Nigel Taunt, managing director of Impax Capital, a corporate finance house specialising in the waste and environmental sectors.

Taunt said Impax had approached AWG to discuss the potential sale of its non-core businesses and was then hired to project manage the sale of Purac.

Kidderminster-based Purac is a process engineering, technology and project management company serving the water and environmental sectors. The company, which plans to change its name to Enpure, employs more than 200 staff and is forecast to report a £42 million turnover for the year to March 2007.