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Ł19m Purac MBO

Aberdeen Asset Managers Private Equity ("AAMPE" or "Aberdeen") has backed the Ł19.1m management buy-out of process engineering specialist Purac Limited from water services and infrastructure management group AWG Plc.

Based in Kidderminster, Purac is a leading process engineering, technology and project management company serving the water and environmental sectors. The Company has a long established track record in the water industry and has recently successfully targeted the growing need for engineered solutions in the municipal solid waste treatment market. The company, which plans to change its name to Enpure, employs in excess of 200 staff and is forecast to turnover Ł42m for the year to March 2007.

Both Aberdeen and the management team provided the equity funding with Bank of Ireland providing a debt package including senior, working capital and bonding facilities. The five strong Purac management team is led by Managing Director Malcolm Wilkinson who joined the business in 1989 and was appointed Managing Director in 2000.

Francesco Santinon, Joe Wiley and Craig Hopwood handled the deal on behalf of Aberdeen with the former joining the Purac board. Aberdeen plans to appoint a non-executive director in due course.

The opportunity was introduced to Aberdeen by Impax Capital, the London based corporate finance house which specialises in the waste and environmental sectors.

Malcolm Wilkinson, Managing Director of Purac, said :

"We are delighted that Aberdeen has supported us in acquiring the business from AWG Plc. We believe that this represents a significant opportunity for the management to take our business forward both in the water industry, where we have a significant track record, but also to develop further our offering in other sectors and in particular municipal solid waste. We believe that the backing of Aberdeen provides a real springboard for the future".

Francesco Santinon, Head of Investment, Private Equity, said :

"We believe that the water and waste management sector represent significant opportunity and Purac is extremely well positioned to take advantage of this. We are also delighted to be working with an established management team who grabbed the opportunity to acquire their business with both hand".

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