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A group which specialises in water handling and treatment equipment has been acquired by Arcus Infrastructure Partners.

Workdry International, which will remain a fully independent business, with Arcus Infrastructure Partners as majority shareholder, is the holding company for Selwood, Siltbuster and Siltbuster Process Solutions.

The deal empowers Workdry to build on the track record and growth ambitions of its Hampshire-based Selwood and Monmouth-based Siltbuster businesses by investing in innovation and new territories, supported by Arcus’ experienced team of infrastructure investment specialists.

Workdry chief executive Richard Brown, CFO Nigel Apps and their executive leadership team will continue to implement the group’s strategy. There will be no day-to-day changes for customers, staff, or suppliers.

The Bright family, who have held a controlling interest in the group since 1976, will relinquish their controlling interest but remain involved in Selwood. Richard Bright will step down as chairman but remain as an investor board member.

With 21 branches and 490 employees, Selwood specialises in pump rental engineered equipment and is a manufacturer of pumping equipment for sale domestically and internationally.

Siltbuster employs 77 members of staff and specialises in the rental of assets to provide on-site water treatment, wet waste processing and the prevention of waterborne pollution.

Richard Brown, chief executive at Workdry International, said: "Workdry is an incredibly successful business that has grown significantly over the past decade in line with the board’s plans to deliver the very best in complete water handling and treatment solutions on a regional, national and international scale. 

"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."

Arcus Infrastructure focuses on long-term investments in European infrastructure, targeting mid-market, value-add infrastructure investments with a focus on businesses in the digital, transport, logistics and industrials, and energy sectors.

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."

Richard Bright said: "Our family's involvement with the Workdry International Ltd businesses dates back to 1976 when my late father, Kevin, joined Selwood Ltd as an 18-year-old. While this transaction sees us relinquish our controlling interest in the group we will remain invested alongside Arcus, reflecting not only our confidence in the group, its leadership and employees, but also our trust in Arcus as a good home for a business that we deeply care about."

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

KPMG’s corporate finance team (Giles Taylor, Gemma Legg, Georgia Drake-Brockman, Danny Vailis and Conly Manolas) advised Workdry on the sale.

Gemma Legg, M&A Director, KPMG Thames Valley & South Coast, who won Emerging Dealmaker of the Year at Insider's inaugural Thames Valley Dealmaker Awards in December, said: “We are delighted to have acted as lead advisors to Workdry International on this local landmark transaction, providing full sell-side corporate finance advice, alongside vendor due diligence and transaction tax advice, to both the group’s long-standing majority family owners and dedicated management team.

"Workdry’s exciting partnership with Arcus Infrastructure Partners represents a new era for the business, as its ambitious and highly skilled senior management team work alongside Arcus to deliver mission-critical assets and services to its growing UK and international client base."

Laurence Kilgannon, Digital News Editor T: 0844 980 0187 E: laurence.kilgannon@newsco.com

Michael Stachini, Professional & Financial Services Manager T: 0161 907 9747 E: michael.stachini@newsco.com

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