Gordons advise waste water specialist on MBO
Monday 24th October 2016
A team from Gordons has advised Leeds-based water and wastewater specialist IETG Group and its sister company 40Seven on a management buyout (MBO) from US parent company IDEX Corporation.
The two companies will now become a standalone business under new parent company IETG Holdings, led by managing director Ian Edwards and finance director Richard Bond.
IETG provides clean water, wastewater, drainage and CCTV services and is well known for its work in flow monitoring, while 40Seven provides specialist surveying services including utility, land and topographical surveys to users in industry, construction and the utility sector. The group employs 150 staff across the UK, operating from offices in Leeds and Sevenoaks.
IETG Holdings and its financial backer were provided with legal advice on the MBO by a team from Gordons’ corporate department led by partner, Jonathan Asquez, and solicitor, Lucy Leyland. The MBO was supported by funding from Bentley O-S.
Ian Edwards said: “Richard and I are delighted to have had the opportunity to complete this management buyout. IETG and 40Seven represent great brands in their respective markets and, with Bentley O-S’s support, we very much look forward to continuing to build on the recent historical success of the business.”
IDEX, a NYSE-listed corporation with a market capitalisation in excess of $6bn, is a global fluidics business serving high growth specialised markets.
Gordons’ Jonathan Asquez commented: “We are very pleased to have been able to help facilitate the buyout and establish a platform for further growth with IETG Holdings. We have every confidence that the business will continue to go from strength-to-strength.”
Dow Schofield Watts’ Yorkshire office provided corporate finance advice and due diligence services to IETG Holdings whilst Jeff Gardner and Rob McCarthy from Dow Schofield Watts’ transaction services team completed financial due diligence for the company.