KBS GENERATES SALE THAT PROMISES “EXCITING OPPORTUNITIES”

EcoGenR8 Ltd, which trades as AFECO, has been sold to United Living Group (ULG), a leading independent infrastructure, construction and property services company.

The transaction was overseen by John Hunt, KBS Corporate Finance Director, and George Dalton, KBS Corporate Finance Manager.

AFECO is a cleantech innovation company which specialises in engineering services and solutions focused on the water, marine and energy sectors.

Since its incorporation in 2010, Hampshire-based AFECO has developed and delivered mechanical, electrical, instrumentation, control and automation (MEICA) services and solutions related to water, wastewater and biosolids treatment, in addition to energy generation and expert consultancy.

AFECO’s products and services include tailored project delivery, design, installations and commissioning.

EcoGenR8 founder Abi Field and fellow shareholder Jamie Crouch will remain with the business, bringing a wealth of sector knowledge and experience to United Living Group.

AFECO will sit in United Living’s Infrastructure Services business alongside the Group’s existing water activities, adding further expertise in the sectors in which it specialises.

ULG works collaboratively with customers, stakeholders and the supply chain to provide solutions that support the growth and improvement of local communities and infrastructure.

John Hunt believes the partnership offers “exciting opportunities” for both AFECO and ULG.

“The acquisition of AFECO by United Living is an excellent fit all round and offers both parties exciting opportunities for growth in terms of operational scale and financial performance,” he said.

“It has been a real pleasure for George and I to work closely with the sellers, Abi Field and Jamie Crouch, during this transaction. Similarly, discussions with United Living from the outset have been highly positive and the deal was negotiated and completed in a highly collaborative way which bodes well for the future.

“We are delighted with the outcome for Abi and Jamie and wish them and ULG great success in the next part of the AFECO journey.”

Abi Field commented on the deal: “KBS not only identified an excellent partner for us in United Living but also negotiated a deal which works well for both parties. We quickly learned to appreciate the complexity and challenges of completing a sale of the business and greatly appreciated the advice received from KBS throughout the process.

“We are delighted to join forces with United Living, enabling us to better provide unique solutions for the water sector.

“This comes at an opportune moment, particularly as we help our clients navigate increasing pressure on their operations. We believe our highly innovative products are a great addition to United Living Infrastructure Service’s offerings and that together we will be able to meet our clients’ evolving needs.”

Neil Armstrong, Chairman and CEO of United Living Group, added: “AFECO has an outstanding reputation in the water industry for innovation and problem-solving. This acquisition will complement our existing activities and help extend our service offering to include mechanical, electrical controls and automation.

“We recognise that water is a precious resource, and this acquisition comes at a critical time to help us to support Ofwat’s objectives to deliver customer and stakeholder satisfaction for AMP8 and beyond.

“We are looking forward to working closely with AFECO’s management team to unlock further potential on behalf of our combined customers.”

Legal services for EcoGenR8 were provided by TLT, spearheaded by corporate partner Ian Roberts, with support from legal director Kelly Clarke and senior associate Kirsty Wilson in the corporate team.