Spanish infrastructure company Ferrovial has struck a deal for the sale of UK services business Amey to UK investment firm Buckthorn Partners in a deal worth £400M (€455 million) with an estimated equity value of approximately £245 million (€278 million).
For the acquisition, Buckthorn has partnered with One Equity Partners, a middle market private equity company who is active in the industrial, healthcare, and technology sectors in North America and Europe.
Currently, Amey provides a range of significant services in the UK, containing infrastructure maintenance and upkeep, plus consulting and facility management. Amey’s waste treatment business is not part of this deal. It is said that Ferrovial is going to retain within its Energy Infrastructure and Mobility Division.
Amey has a workforce of approx. 11,000 employees, reported £1.3bn in revenue in 2021 and £43M in EBITDA.
The CEO of Ferrovial, Ignacio Madridejos, noted: “This transaction represents a step forward in our Horizon 24 business plan, focused on developing sustainable infrastructure to continue creating value for our shareholders, and the communities in which we operate. The deal practically concludes the divestment of the Service business.”
Nicholas Gee, Buckthorn Partners founding partner asserted: “Amey is at the heart of developing innovative routes to delivering the UK’s infrastructure needs. Amey’s consulting and engineering services are essential to expedite the energy transition by improving the performance of transport and building infrastructure.
“We are very pleased to partner with OEP in Amey, and we look forward to helping the company grow and investing in and supporting its great workforce.”
In January, it was reported that Buckthorn was “one of a small number of bidders trying to buy Amey”.
The final completion of the deal is subject to regulatory clearances and is anticipated to take place in 2022.