Manchester-based APEM, which is backed by WestBridge, has completed its third acquisition in 12 months with the acquisition of GoBe Consultants.
Gregg Pendlington and Ross Thomas of Dow Schofield Watts Corporate Finance advised APEM, with Sophie Colloby of Dow Schofield Watts Transaction Services providing financial due diligence.
Having acquired Woodrow Environmental Consultants in 2021 and AQUAFACT earlier this year (also advised on by Dow Schofield Watts) APEM has now added GoBe Consultants, a planning and environmental services consultancy and offshore wind specialist.
APEM also secured a £25m sustainability-linked finance package from Virgin Money to refinance existing facilities and fund the acquisition.
WestBridge previously supported a management buyout at APEM, which employs 380 people, in 2019. EBITDA has increased from £2m at investment to £8m in the current financial year.
WestBridge director Peter Barkley, who worked on the deal with Rebecca Sinclair, said: “GoBe has an excellent reputation and the services it provides are a perfect addition to the world class service offering of the APEM Group. The combination of GoBe and APEM positions the Group as a leading provider to the offshore wind market globally. It goes without saying, we are delighted to have supported this latest transaction and look forward to welcoming the GoBe team to the APEM Group.”
APEM Group CEO, Dr Adrian Williams, said: “This is another positive step as we pursue our ambitious growth strategy. The future of the renewables industry, especially offshore wind, is bright and the demand for experts to support environmental planning is strong. The services offered by GoBe are a perfect supplement to what APEM already offers. Their additional specialisms dovetail perfectly and will increase the scope of our activities for new and existing customers.”
Andrew Carson, senior director at Virgin Money said: “Virgin Money is delighted to support APEM through its next growth phase with one of our sustainability linked loans, which reduce the cost of finance for businesses like this who are proactively helping the economy transition to a more sustainable model.”
Gregg Pendlington, Director at Dow Schofield Watts said, “We are delighted to have supported APEM on the three acquisitions and a significant refinancing, all within the space of 12 months. We wish the company and its employees all the best as they continue their growth journey.”
Dow Schofield Watts’ Midlands office has advised JPS Projects, a leading provider of specialist retrofit services with operations in Manchester, Chesterfield and Hemel Hempstead, on its private equity investment from Cordovan Capital Management.
