3rd September 2019
DSW advises on disposal of Insurance Services Provider to Swedish Infrastructure Technology Group in £25m deal
Auger Site Investigations Limited – the market-leading UK specialist in claims management of underground infrastructure (water, drainage, subsidence) for the insurance industry – has been acquired by Sdiptech AB for a purchase price of up to £25m.
Dow Schofield Watts Corporate Finance, Dow Schofield Watts Tax Consulting, DWF and Crabtree Capital advised on the deal.
Established in 1994 and based in Wallasey, Wirral, Auger now employs over 100 staff, providing specialist claims management, validation and repair services with nationwide coverage to some of the UK’s leading insurers.
Under the terms of the deal, the management team led by the founder Dave Brewster – will remain in place and the Auger brand will also be retained.
Sdiptech AB, listed on the Nasdaq First North Stock Exchange, is a technology group with a primary focus on infrastructure segments critical to well-functioning societies and to welfare, e.g. water & sanitation, power & energy, transportation, energy efficiency and air climate.
Jakob Holm, Sdiptech CEO, commented:
“Auger Site Investigations Ltd has a leading position on the UK insurance market for claims management of water, drainage and subsidence damages. This position has been established by systematically delivering superior customer satisfaction and a unique digital platform connecting insurers, policy holders and internal operations. The market is non-cyclical and, due to aging infrastructure, showing slow but steady growth from increasing pipe leakages and blockages. Auger Site Investigations Ltd fits well with our strategic focus areas for continued expansion and will be included in our business area Special Infrastructure Solutions.
We welcome founder and Managing Director, Dave Brewster and his team to the Sdiptech Group and look forward to continuing to grow the company together with them.”
The shareholders of Auger were advised by Philip Price and Daniel Walker of Dow Schofield Watts Corporate Finance. Legal advisors to Auger were DWF led by Paul Rimmer, Paul Pignatelli and Rosie Spencer, with additional advice provided by Simon Denye of Dow Schofield Watts Tax Consulting and Joanne Dodd of Crabtree Capital.
Philip Price, Partner at Dow Schofield Watts said:
“It is a pleasure to have supported the shareholders of Auger in securing a fantastic deal for them and their stakeholders.”
“The transaction is another example of DSW’s international disposal credentials, in particular in the infrastructure and insurance; UK mid-market companies continue to be attractive targets for international buyers regardless of current political and economic uncertainty in the UK.”