Following Goldman Sachs' investment in Celnor, Oliver Hutley, Co-CEO of TECS Group, sets out his overview of deal activity, buyers and integration in the UK water compliance market.
Goldman Sachs' investment in Celnor is big news for the water sector but what are the facts behind the fragmentation of the Water market.
A few headlines from my analysis
- 66 water deals since 2022, double the five years before.
- Eight of the nine most active buyers are private equity-backed.
- Fewer than 100 independent, pure water businesses remain in our core database.
Interest in UK water compliance has never been clearer
Who is buying, how fast, and what they do once they own the business.
My view
Water is a vital thread in any compliance platform, but it is nuanced. A fire business is not a water business, and a water hygiene business is not a water treatment business. Integration, standards and people decide who gets it right, and the skills gap means high-quality water assets will only get scarcer.
Want the data behind this?
I am happy to share some of the research behind this analysis. If you would like to see it, get in touch with me directly.
Based on my own research and interpretation, covering the water market only.