Drain and sewer company Euro Environmental Group has been sold in a £20 million management buy-out backed by Sovereign Capital.
Drain and sewer company Euro Environmental Group (EEG) has been sold in a £20 million management buy-out (MBO) backed by private equity firm Sovereign Capital.
Scotland-based EEG employs 200 staff who unblock, clean and repair drains and sewers. The MBO was led by managing director Rod Spinks and as part of the deal, John Pettifor will join the company as non-executive chairman.
Spinks says: ‘We are excited by the prospect of working with Sovereign to grow the business, both organically and through acquisition, into a truly national provider.’
Law firm Pinsent Masons, led by corporate partner Gregg Davison, advised Sovereign in the deal.