FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
The critical infrastructure provider for the private and public sector has sold its utilities business to industrial private equity investor, Rubicon Partners.
The sale, which is part of Amey’s strategy to focus on its public sector-offering, completed on 12 April, with the business now operating as a separate entity.
Avove, as it will now be known, provides water and power maintenance services to clients such as Yorkshire Water and Severn Trent. It will retain the same structure and management team as when owned by Amey but will appoint a new managing director.
The move provides the Avove team with the ability to leverage Rubicon’s significant experience in the water, energy, and power sectors.
Amey has previously stated its intention to focus its core businesses around the transport infrastructure, secure infrastructure and consulting sectors. The sale has been part of that long term strategy and will enable Amey to focus on optimising opportunities and driving business growth in these sectors.
Craig McGilvray, Managing Director of the legacy Amey Utilities business commented: “This is a hugely positive step for both Avove and the wider Amey Group. The sale provides the new company with the ability to leverage opportunity and offer a strategic proposition backed by growth. Now the team can focus on and continue its upward trajectory on financial and operational performance. I wish them all the luck in the future.”
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