Arcus secure majority share in Hampshire firm Selwood

Published by

Stephen Emerson

Arcus Infrastructure has acquired a majority stake in Workdry International. Corporate financial advice on the deal was provided by KPMG.

Workdry own Hampshire based Selwood, which has almost 500 employees in over 20 branches. The firm supply equipment used in the treatment of wastewater.

The financial aspects of the acquisition have not been revealed but TBM understands that Workdry International will continue to operate independently.

Workdry International supply engineering assets used in wastewater treatment. Arcus is an independent investment fund manager.

In securing a majority stake in Workdry, Arcus confirmed there will be no change for staff, customers or suppliers. The investment will support further innovation and investment in new territories.

Workdry chairman Richard Bright is to step down from that position but remain on the board. Workdry subsidiary Siltbuster, which is based in Monmouth Wales and has 70 employees, also forms part of the deal.

Richard Brown, CEO, Workdry International, said: “Delivering the next steps in our growth required new and experienced investors to enable us to scale up while continuing to deliver the quality products and services that our customers associate with our Selwood and Siltbuster brands.

"The team at Arcus shares our values, vision and commitment to outstanding provision of mission-critical assets and services, and their investment will enable us to deliver on those ambitions, building on all we have achieved to date to strengthen our position as a European leader in water and wastewater asset leasing and integrated solutions.”

Jordan Cott, Partner at Arcus, said: “We have spent significant time reviewing value-add industrial asset leasing businesses in Europe, and Workdry was prioritised given its strong fit with our infrastructure investment strategy.

"Workdry benefits from predictable and broadly non-cyclical demand, as well as a diversified and blue-chip customer base, which provides a robust foundation for future growth.

“The Company’s essential role for its customers has become even more important given increasingly stringent regulation and public scrutiny with respect to the UK’s water and wastewater infrastructure. Arcus looks forward to partnering with the Bright family and Workdry’s very strong senior management team in delivering the next phase of growth for the business.”

DWF were legal advisors to Workdry International Ltd, and KPMG provided corporate finance advice to the selling shareholders for the transaction.

Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset. Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users. He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.