Multi-utility service provider Aptus Utilities, has won funding of £12.8 million from private equity firm WestBridge to assist with its growth and expansion plans. Further finance was provided by OakNorth Bank.
Established in 2010, Aptus provides design, build, install and connect services for gas, electricity and water networks, as well as street lighting, on residential, commercial and industrial developments. Headquartered in Bolton, Aptus has four regional depots across the UK and currently has turnover of c.£42m.
Managing director Lisa Kerford and the rest of the executive team, who have been running the company’s day-to-day operations, will continue to steer the company’s development and deliver the business plan. They will be joined by Martin Donnachie, who has joined the business as executive chairman.
Lisa Kerford, managing director at Aptus, said: “We are all delighted to finalise this deal and look forward to working with Martin and WestBridge to further grow the business and deliver the business plan. Both Martin and the WestBridge team have experience which will provide greater strength and depth to the company’s board.”
In most new housing, utility connections are provided not by incumbent network companies but by independents. Their numbers have been growing.
This month Ofgem published an update on its plans for competition in expending transmission networks.