WestBridge joins Aptus Utilities in private equity deal

Aptus Utilities founder Jonathan Holden released a statement to clients on the recent WestBridge investment:

In 2017 Andrew, Fred and I restructured the board of Directors to allow us to step back from day to day management activities and allow us to concentrate on developing the long term strategic path for the business. The decision to empower and engage the board has been very successful, Lisa and her team have worked efficiently and effectively to deliver the growth that the business plan expected, which included opening new depots in the North East, Midlands and Yorkshire.

Today, Aptus is approaching a turnover of £50 million per annum, which is a fantastic achievement considering the organisation has not yet reached its 10th birthday. However, the business and its plan does not stand still and we are projecting to continue this growth over the next 5 years. This continuous development and the strength of the forward order book coupled with the stable platform, delivered by Lisa and the team, has given Andrew, Fred and I the opportunity to reduce our personal shareholding in the business by introducing a further investor into the business. WestBridge has been chosen by both the shareholders and the board as a complementary match for the business. WestBridge have considerable demonstrable experience in helping businesses achieve their future growth plans and will provide guidance and complementary skill sets that will assist Aptus achieving its long term goals. These include further, controlled geographical expansion and development of expertise to add value to our customers in new markets including electric vehicle charging and industrial and commercial works. WestBridge has been working with the senior management for some time now and fully understand how the business operates and the complexities of the market we operate in. They have bought in to our company vision and core values and look forward to helping deliver our business plan whilst maintaining our commitment to deliver first class customer service to our valued clients.

As shareholders we will retain a substantial vested interest in the business and its continued success, Andrew and I will move on from our current roles but we will maintain a presence on the board in the capacity of non-executive directors, this reinforces our continued commitment to the business and desire to assist in the continued expansion of the business. Martin Donnachie will join the board as Chairman taking over the role from myself; Martin brings experience of working within both the multi utility and building industry.

Our future plans for the business have not changed, we still have the same ambitious goals and the Aptus core values and brand will remain the focus point of the business

The message is very simply business as usual with the existing management team continuing to provide the commercial and operational support for your developments.

Published on 12th December 2019