Industrial Water Jetting Systems
Meridian Equity was first introduced to Chris Stewart in 2010. He was then a consultant to IWJS which at the time was a small waste-water network services provider operating out of two sites in the east of England. Its EBITDA that year was approximately £700,000.
The business was deemed non-core by its owner Adler and Allan Limited and Chris, along with the incumbent management team, were given the opportunity to participate in an auction to buy it. At that first meeting the management team impressed us with a thorough, sensible and well-considered forecast as to how they would grow the business into a leading independent player with national coverage. Given their obvious potential, Meridian Equity was delighted to back the BIMBO team to complete the purchase and also to fund their ambitious growth plans. The management subsequently won the auction and finalised the purchase in the spring of 2010.
In the nine subsequent years, the team has more than delivered on its plan. By 2019, as a result of a combination of our funding and the management team’s expertise, the business made two bolt-on acquisitions, now operates out of six sites around the UK and provides a broad range of services into its market. It is also generating annual profits in excess of £5.5 million of EBITDA.
Whilst we had no intention of selling the business, we received an unsolicited approach for it from M Group Services Limited, the national infrastructure maintenance business. Having decided to sell, the deal was completed in March 2019. The terms of the deal were not disclosed. However, we would like to thank the team, led by Chris Stewart and his Finance Director Dale Storrer, for their outstanding contribution in creating shareholder value and wish them well in their future careers with in M Group.