WestBridge Capital has backed the management buyout of APEM Limited, an independent environmental consultancy specialising in the aquatic environment and remote sensing.
The deal has seen WestBridge invest GBP 9.8 million in a combination of equity and loan notes, which is expected to support the company’s growth ambitions as it develops complementary service lines to support its clients’ needs.
The transaction has allowed the business founder Dr Keith Hendry to retire. Dr Adrian Williams and Dr Stuart Clough will continue to take the company forward.
Headquartered in Stockport and with a turnover of GBP 10 million, APEM has eight offices across the UK, one in Germany and one soon to open in the USA.
The transaction was led by Guy Davies and Valerie Kendall, founding partners at WestBridge, who will both join the board, supported by investment managers Edward Minton and James MacLeay.
“As well as enabling us to develop a wider suite of specialist services across the UK, it allows us to exploit the huge growth potential presented by the US offshore wind market,” Dr Adrian Williams , managing director at APEM, said. “We already have a strong foothold in the United States, having won four major offshore wildlife photography survey contracts in the last couple of years but there is much more to come. We’re delighted that our methodology for conducting aerial surveys has become adopted both by regulatory bodies and developers alike.”