Emergency water services supplier acquired by Soris Capital Partners

Soris Capital Partners
Client Soris Capital Partners / Water Direct Ltd
Sector Utilities
Facility Commercial Loan
Funding Need Acquisition
Value Undisclosed
Team Corporate Lending
Region South East

 

  • Leading supplier of alternative and emergency water services set for growth following the acquisition
  • The buy-out is led by Adam Johnson, principal of Soris Capital Partners
  • Shawbrook Bank supported the transaction through an undisclosed funding package

Water Direct Ltd has secured new investors following the acquisition of the business from Heathcote Holdings.

Founded in 1996, Water Direct Ltd has grown to become a leading provider of alternative and emergency water supply services. The Essex-based firm works with the majority of water utility companies throughout the UK and provides solutions to more than 600 businesses nationwide across a range of sectors. The company offers its services through the UK’s largest dedicated fleet of water tankers and its numerous strategic national storage locations via its unique Nationwide Bottled Water Bank™.

The transaction facilitates the buy-out led by Adam Johnson, principal of Soris Capital Partners, who will run the business as chief executive post-completion.

 

 

The current Managing Director of Water Direct Ltd, Jonathan West, will step back from his leadership role while continuing to provide his services to the company on a part-time basis. The rest of the management team at Water Direct will work alongside Adam to drive the continued growth of the business.

Ethos Partners has invested alongside Adam in addition to a group of leading search fund investors from Europe and the USA, and the incoming non-executive chairman, Andy Smith. Andy brings significant water industry experience, having spent 16 years at Severn Trent plc, including as Director of Water Services and Group HR Director.

Shawbrook Bank provided a comprehensive funding package to support the transaction.

I’m thrilled to be joining the talented and dedicated team at Water Direct at a pivotal moment in the company’s journey, as we grow our industry-leading A&E water services with water utilities and commercial customers across the UK. I am also very excited to invest further in our WaterTight™ contingency planning offering to do our part in keeping Britain’s water supply always on.

— Adam Johnson, CEO at Water Direct Ltd

Adam added:

"The team at Shawbrook rapidly recognised the potential of the deal and really understood our business and what we were looking to achieve. I was already aware of Shawbrook’s strong reputation and they did not disappoint. They delivered exactly what was needed to support this next stage of growth.”

Adam Agius, Senior Director in the Corporate Lending team at Shawbrook Bank, commented:

“This is an important transaction in supporting the growth of a market leading business. Water Direct has a pivotal role in ensuring continued access to water supplies for businesses and consumers across the UK, particularly as we continue to see more extreme and unpredictable weather events impacting supply. We are proud to support the business as it continues to grow and provide solutions to water utilities and commercial customers as they adapt and respond to these challenges.”

MHA Moore & Smalley advised Adam Johnson and Soris Capital Partners, and provided financial and tax due diligence services. Bird & Bird acted as legal adviser to Soris Capital Partners, while Gateley provided legal advice to Ethos Partners. Shoosmiths acted as legal advisor to Shawbrook Bank.

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