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Everflow’s majority stake owners Perwyn have been bought out by the water retailer’s management team.
Perwyn, which has held its controlling share since 2018, will retain a minority holding in the company following the management buyout.
The senior management team at Everflow comprises chief executive Josh Gill, operations director Adam Straker, and chief financial officer James Cleave. The value of the deal has not been disclosed.
For the 12 months to December 2022, Everflow’s turnover grew by 47% from £79.3 million to £116.5 million as it expanded its customer base. Its EBITDA grew to £1.824 million.
Everflow built its customer base by focusing on switching smaller and medium sized businesses to its water services. The company added waste services to its portfolio last year with the ambition to apply the same approach to helping small and medium businesses deal with their waste.
Following the deal, the company is looking to expand the range of services it offers outside of the water market including telecoms.
“We have been tremendously impressed with Everflow’s performance,” said Ravi Sharma, partner at Perwyn and board member. He praised Everflow’s growth and technology-focused approach that has seen 26% of customer switches towards Everflow since the retail market opened up. He added: “Josh and his team have done a phenomenal job.”
Perwyn, which first invested in Everflow in 2018, will retain a seat on the board as well as the minority stake.
Josh Gill, founder and chief executive of Everflow, added: “We are grateful to Perwyn for their enduring support of Everflow and are very pleased that they will remain shareholders. Ravi and his team have played an invaluable role in our growth journey to date and their support and advice will remain key as we look to substantially scale the business into different utility verticals. We have learnt how to maximise advantages in UK utilities markets following the end of monopoly models for those basic services and our future plans include targeting the telecoms and wider utilities.”
Earlier this year, Gill said the company’s growth plans include pivoting into telecoms as well as growing its waste business in parallel with water retail to business consumers.
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