Raising capital

Everflow Water

Advisers to utitilies firm, Everflow Water, on securing its new investment from NPIF.

The deal

We’re pleased to have acted as lead Corporate Finance adviser to utilities group, Everflow Water, in securing investment from NPIF-FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).

Everflow Water was established in 2015 and includes water retailer, Everflow Water, and software specialist, Everflow Tech. Following the investment from NPIF, the company has boosted its workforce by more than 40% to 106 colleagues.

The firm secured the investment to help further develop its software system, in addition to working towards its objective of reaching annual revenues of over £240 million by increasing its customer base. This funding round follows private equity backing from Perwyn in 2017 to support business growth.

Our Corporate Finance team led by Partner Abu Ali supported Everflow Water in securing the £750k investment.

Abu Ali, Partner at FRP Corporate Finance, said: “Having worked with the team for a number of years now, I have seen first-hand the sheer hard work and commitment that has gone into achieving the status that Everflow Water now holds, as one of Europe’s fastest-growing businesses and a highly respected name in the UK’s utilities market.

“It’s been a real privilege to have supported Everflow Water to reach the point they are now, and we look forward to continuing to work with the business, with a further round of growth capital fundraising planned for later this year.”

James Cleave, Chief Financial Officer at Everflow Water, said: “2021 has proved pivotal in bringing our growth plans to fruition. We are now working with a record number of new and existing customers in simplifying the utilities landscape.

“We are pleased to have recruited an additional 30 people at our Teesside base to help make that possible, as well as making significant investments into continually improving our software – something that NPIF and the FW Capital team have been integral in.”

Alexandra Gent, Investment Executive at FW Capital, said: “Everflow Water has been a real success story for the Tees Valley and is continuing to gain recognition on an international stage. Its continual investment both in their software and in the team has underpinned the company’s success, with its commitment to excellence clear. Everflow Water’s growth trajectory has been nothing short of highly impressive so far and the team’s vision for the future is very exciting, something which FW are pleased to have been able to support.”

Deal summary

Date:

April 2021

Sector:

Energy

Deal type:

Raising Capital

Deal size:

Undisclosed

Related team

Abu Ali

Abu Ali

  • Partner
  • Corporate Finance
  • Newcastle Centre