Workdry International fuel growth with sale of majority stake to Arcus Infrastructure Partners
WORKDRY International, providers of engineered asset rental solutions for the handling and treatment of water and wastewater, have been acquired by independent fund managers Arcus Infrastructure Partners.
The deal will empower Workdry to build on the track record and growth ambitions of their highly successful Selwood and Siltbuster businesses by investing in innovation and new territories, supported by Arcus’ experienced team of infrastructure investment specialists.
Workdry International will remain a fully independent business, with Arcus as majority shareholder. The Bright family, who have held a controlling interest in the Group since 1976, will relinquish their control but remain involved in Selwood. Richard Bright will step down as chairman but remain as an investor board member. There will be no day-to-day changes for customers, staff, or suppliers.
With 21 branches and 490 employees, Hampshire-based Selwood are specialists in pump rental solutions and manufacturers of pumping equipment for sale domestically and internationally. Siltbuster, based in Monmouth, Wales, employ 77 members of staff and are specialists in the rental of assets for on-site water treatment, wet waste processing, and the prevention of waterborne pollution.
Richard Brown, chief executive officer of 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.
‘The team at Arcus shares our values, vision, and commitment to outstanding provision of mission-critical assets and services, and their investment will enable us to deliver on those ambitions, building on all we have achieved to date to strengthen our position as a European leader in water and wastewater asset leasing and integrated solutions.’
Arcus Infrastructure focus solely on long-term investments in European infrastructure, targeting mid-market, value-add infrastructure investments with a focus on businesses in the digital, transport, logistics, 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 were prioritized given their strong fit with our infrastructure investment strategy. Workdry benefit 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.
‘The company’s essential role for its customers has become even more important given increasingly stringent regulation and public scrutiny with respect to the UK’s water and wastewater infrastructure. Arcus look forward to partnering with the Bright family and Workdry’s very strong senior management team in delivering the next phase of growth for the business.’
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.’