Stefan Gunn, Investment Director at LDC, added: “Neil and the team at Waterscan have a great deal of experience having pioneered the self-supply model post market deregulation in 2017 and are hugely passionate about helping businesses to achieve their sustainability goals.
“They are supporting customers across all corners of the UK and helping them to optimise water usage at a time when all consumers are starting to recognise the increased value – and indeed scarcity – of water.
“We’re excited about what the future holds for Waterscan as it continues to invest in Waterline and broaden its services, and are pleased to welcome Neil Penhall to the board as he brings significant and relevant experience.”
LDC was advised by RSM UK (corporate finance and tax), Womble Bond Dickinson (legal), Grant Thornton (financial due diligence), PMSI (commercial due diligence) and Coppett Hill (value creation due diligence).
Waterscan was advised by KPMG (corporate finance) and Stevens & Bolton (legal).
Working capital facilities were provided by Virgin Money.
