Epiris’ portfolio company Stuart Turner acquires AGM

POSTED 01 August 2022

Epiris today announces that Stuart Turner, a manufacturer of pumps and water-boosting products for residential and commercial uses and a portfolio company of Epiris Fund II, has acquired Aquatronic Group Management (or “AGM”), a leading provider of cold-water boosting installation and maintenance services in the UK. Financial terms are not being disclosed.

Founded in 1906 and headquartered in Henley-on-Thames, Stuart Turner supplies water-boosting products that manage water pressure in residential and commercial applications. These range from domestic shower pumps, where the company’s Monsoon product is the UK market leader, to bespoke systems that combine cold-water boosting, pressurisation units and circulators to manage the supply of hot and cold water in commercial buildings and for industrial purposes. Epiris invested in Stuart Turner in January this year.

Based in Colchester, AGM designs and manufactures pressurisation and water booster units and installs and maintains fresh and waste-water pump systems. The company offers a nationwide service from its centres in Manchester, Colchester and Southampton.

Stuart Turner is led by Chairman Duncan Cooper and Chief Executive Richard Harden.

Charles Elkington, Partner at Epiris, said:

“This is a hugely complementary acquisition for Stuart Turner, not only expanding its product range but also bringing a services capability into the business. This is a key first step in our strategy to transform Stuart Turner into the leading provider of water-boosting solutions in the UK.”

Alex Fortescue, Managing Partner at Epiris, said:

“It’s really exciting to see how quickly we have been able to have an impact on Stuart Turner by bringing to bear our experience of using M&A to reposition businesses. This investment is off to a great start.”

Richard Harden, Chief Executive of Stuart Turner, said:

“AGM is a great fit for our product portfolio, gives us access to the services market, and moreover has a fantastic reputation for service and technical capability. We’re all looking forward to welcoming and working with the AGM team.”

The Epiris team on the deal is Charles Elkington, Nicola Gray and Zoe Lai. Epiris and Stuart Turner are advised by Gateley Legal, Mazars and PMSI.

For Epiris LLP please contact:

Greenbrook

Robert White, Matthew Goodman, Daniel Oliver

+44 (0)20 7952 2000

epiris@greenbrookadvisory.com

About Epiris

Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.

Fund I

Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.

Fund II

Epiris Fund II is an institutional private equity fund raised in 2017. Fund II’s current investments include Portals, one of the world’s leading manufacturers of “substrate” for banknotes; The Club Company, the UK’s largest country club operator; Bonhams, the global auction house; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; Nucleus, an investment platform; The Big Table, a leading UK restaurant operator; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; Stuart Turner, a producer of pumps and water-boosting products for residential and commercial uses; Inchcape Shipping Services, one of the world’s largest maritime services providers; Appello, a leading technology-enabled care provider; and Sepura, a leading provider of digital radio systems for mission-critical communications.                                                                                                           

For further information, please visit www.epiris.co.uk.

Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.

*As at 31 March 2022. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.