Management buy out leading consultancy
Leading environmental consultancy Entec has cut the apron strings, detaching itself from proud parent Northumbrian Water with the management buying up the lion's share of the shares.Backed by Close Brothers Growth Capital (CGBC) the management buyout involved a £30 million deal.
One of the major players in the sector, Entec performed consistently well in the edie 2005 Consultancy Survey, consistently coming in the top handful of consultancies in categories across the board.
In a statement Simon Armes-Reardon, managing director of Entec, said: "The funding package put together by CBGC will help us to continue our intended growth and fits our needs while allowing the management team to retain a majority stake in the business.
"We look forward to welcoming them as an integral part of the Entec team.
"The MBO announced today is a key part of the strategy for the future development of the company."
John Cuthbert, managing director of Northumbrian Water said: "We wish Entec well and look forward to continuing to work with them as a key supplier...on environmental and engineering issues.
"This sale is in line with our strategy to focus on our core business of water and wastewater treatment."
By Sam Bond