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Water management consultancy Waterscan has secured a £12 million private equity injection from Lloyds Banking Group subsidiary LDC.
The revenue injection will support the water management consultancy’s “organic growth strategy”.
The transaction also marks an exit for family office Kaye Enterprises.
Waterscan helps customers to develop effective sustainable water management strategies.
Waterscan’s proprietary technology platform, Waterline, provides real-time data and insights on water management designed to enable customers to save water, reduce cost and make informed strategic decisions.
The firm also facilitates the adoption of a self-supply model, which provides businesses with complete control of their water by enabling them to deal directly with water wholesalers and Ofwat.
Waterscan said it has helped make collective savings of more than £38 million for customers since the business retail market opened in 2017.
Neil Pendle, founder and chief executive of Waterscan, said: “It’s essential that water forms a key part of every business’ sustainability strategy and it’s great to see awareness of this increase.
“We’re helping our customers to develop strategies that save water, reduce cost and ultimately help them to reduce their water footprint.
“It’s an exciting time for the water sector and our partnership with LDC will enable us to further invest in new technologies and ultimately deliver even better outcomes for customers.”
Stefan Gunn, investment director at LDC, added: “Neil and the team at Waterscan have a great deal of experience having pioneered the self-supply model post market deregulation in 2017 and are hugely passionate about helping businesses to achieve their sustainability goals.
“They are supporting customers across all corners of the UK and helping them to optimise water usage at a time when all consumers are starting to recognise the increased value – and indeed scarcity – of water.”
This transaction is LDC’s latest investment in an ESG-focused business. It follows investments in water and environmental sustainability specialist Stonbury, sustainability data and technology provider Sedex, and Boston Energy, a technical services provider to the wind energy industry.
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