Irwin Mitchell Birmingham Advises On The Deal
The Municipal Division of West Bromwich-based Ovivo UK Ltd has been bought by its management team in a deal which has been supported by Shawbrook Business Credit and law firm Irwin Mitchell.
The new business, which employs around 70 staff and has a turnover of £13m, is now known as Jacopa Limited. It is a leading player in the UK and Ireland wastewater sector and specialises in the provision of capital equipment and after-market parts and services.
The agreement brings some of the UK’s best-known wastewater brands, Copa, Jones+Attwood, Aquator, Tomkinson and MBR Technology, including a licence for Brackett Green products under the new Jacopa umbrella.
The new management team is led by highly respected industry figure Alex Lloyd, previously Vice President, OvivoO UK Municipal.
Shawbrook Business Credit provided an asset based lending facility to support the deal. The package comprises a receivables and work in progress line, together with a cash flow loan. Clearwater International introduced the deal to Shawbrook Business Credit.
Tim Hawkins, Commercial Director at Shawbrook Business Credit added: “The Jacopa team is dedicated to the UK and Ireland municipal wastewater market with a clear and uncompromised focus on the sector. We are delighted to support the management team in the acquisition of this market-leading business and look forward to working with them as they take the business forward.”
The Banking & Finance team at the Birmingham office of law firm Irwin Mitchell advised Shawbrook Business Credit.
Jon Bew, Banking & Finance Partner at Irwin Mitchell, said:
Expert Opinion“This was a great deal to work on and we look forward to seeing the company develop and build on its market-leading position. The funding package puts the business in a strong position to build market share and once again highlights the flexibility and capability of ABL in helping to support corporate transactions.” Jon Bew - Partner