Berkshire-based Evolution Water Services bought by Nottingham-headquartered Phenna Group

Berkshire-based Evolution Water Services has been bought by Nottingham-headquartered Phenna Group in a deal, in which Newbury-based company BCMS acted as advisor.

Headquartered in Hurst in the Thames Valley and founded in 1999, Evolution provides a range of specialist services including water treatment, water hygiene, consultancy, training and indoor air quality services.

The business now has over 80 employees and serves over 400 customers. 96% of its revenue is secured from either revenue under annual or multi-year contract or revenue from add-ons to contracted work.

Phenna Group serves clients in sectors including Infrastructure, niche industrials, compliance and certifications, and food and life sciences.

It is the group’s seventh acquisition this year and augments Phenna Group’s rapidly developing built environment division with specialist complementary services.

Adam Beattie and Paul McKenna, directors of Evolution, said: "We are excited to partner with Phenna Group. Since our first meeting with Paul Barry and David Harrison, they have acted with high integrity, ensuring the process has been smooth and commercially focused."

Paul Barry, group CEO of Phenna Group, added: "I’m absolutely delighted that Adam and Paul have decided to partner with us.

"From our early engagements, it was obvious that they would be an excellent fit within our rapidly growing built environment division and be highly complementary to our existing suite of services."

Dujon Bosman, associate director at BCMS, said: "We continue to see consolidation in the industry, and a real opportunity for great businesses to partner together to add more value to the broadening customer base.

"As regulatory requirements enhance, it becomes more apparent that businesses like Evolution will continue to be sought after and attract interest from the wider market. BCMS has the expertise to help find these owner-managed businesses a right home at the right time.”

As well as corporate finance advice from BCMS, Evolution received advice from Freeths and Eacotts on the transaction.

BCMS, which is employee-owned, is a specialist M&A advisor, working exclusively with the shareholders of privately owned companies seeking growth capital or a business sale.