Published: Sep 22, 2014
Focus:
Growth Capital
Maven has sold its holding in Adler and Allan, a leading UK environmental services business, via a secondary buy-out funded by LDC for an undisclosed sum. The exit will see Maven clients achieve a 2.6x multiple return on their investment.
Maven clients first invested in Adler and Allan in 2007 alongside Spirit Capital Partners to support the growth and commercial development of the business, before later backing a series of acquisitions including E&S Environmental, Cleanex and AJ Bayliss, to help the group gain scale and grow shareholder value. The business has seen significant growth over the life of the Maven investment and was ranked 31st in the Sunday Times’ list of Britain’s fastest-growing private companies this year.
Adler and Allan’s range of oil and environmental services includes specialising in the handling, transport, clean-up and disposal of oil based and other hazardous waste. The Company is particularly noted for its skills in emergency spill response situations, having been heavily involved in the clean-up exercise following the 2005 Buncefield explosion.
Harrogate-based Adler and Allan was established in 1926, and since receiving private equity backing it has significantly expanded its proposition, now employing 450 staff across its 24 UK depots, with annual turnover in excess of £60 million.
The exit from of Adler and Allan represents an excellent outcome for the Maven VCTs which have supported the business over the past 7 years.
