A utilities firm says it is primed to tap fresh growth after securing £44 million funding.
Everflow has been backed by BGF and OakNorth.
Bosses say the support will allow the County Durham-headquartered company to bolster its 250-strong team by expanding across the UK and moving into new sectors through potential mergers and acquisitions.
They add it will also “accelerate the company’s digital transformation journey”, with use of artificial intelligence acrossback office work set to be complemented by development of the company’s Evie service operating platform.
Under the terms of the funding agreement, Everflow – which provides water supply, waste management and broadband and phone connectivity services from bases in Peterlee, East Durham, and Nuneaton, near Coventry – will receive £22 million from capital investor BGF and a £22 million package from digital entrepreneur bank OakNorth.
The deal has also allowed private equity investor Perwyn to exit the business.
Craig Dallison, chief executive at 2015-founded Everflow, which serves more than 120,000 premises, said: “This investment comes at an exciting inflection point.
“As a homegrown North East business, we’re proud of our expansion over the past decade.
“But we’ve also helped customers operate more sustainably by reducing water consumption and cutting carbon emissions.
“These outcomes reflect our commitment to delivering commercial and environmental value for the organisations we work with.”
The deal will also see Stuart Warriner – a former lead mergers and acquisitions partner at PwC in Yorkshire – appointed Everflow non-executive chair through BGF’s Talent Network.
John Healey, investor at BGF, which has offices across the UK and Ireland, said: “From our first conversations with Everflow, we were struck by its scale and strong foothold within the UK SME water market.
“We look forward to supporting its mission to make utilities simple for UK SMEs.”
Ben Kimball, OakNorth director of debt finance, added: “We’re delighted to support Everflow alongside BGF as it enters its next phase of expansion.”
Everflow was supported on the deal by PwC, Muckle LLP, GCS Insight LLP and Deloitte.
BGF was advised by Ward Hadaway LLP, Cavu Corporate Finance, Grant Thornton UK and Tax Advisory Partnership.
Debt financing was provided by OakNorth Bank, which was advised by Womble Bond Dickinson.
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