Investee Company – Casella Group Ltd (UK)
Investee Company Business – Environmental services
Type of Financing – Expansion
Equity Providers – Sagitta Private Equity, Baring Private Equity Partners and Advent Venture Partners
Equity Leader (Individual) – Kevin Grassby, Sagitta Private Equity
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £6 million
Total Deal Value – £6 million
Other Advisors – For Sagitta Private Equity: Bell Pottinger Financial. For Advent Venture Partners: GCI Financial
Comments – Bedford-based Casella Group Ltd, an environmental services business, has raised £6 million in expansion funding.
The deal was led by Sagitta Private Equity, which invested £2.75 million in unsecured convertible loan stock. Existing investors Baring Private Equity Partners, which invested £2 million, and Advent Venture Partners, which invested £1.25 million, joined in the round. Casella plans to use the capital to finance its acquisition of EMC Environmental Engineering Ltd and Monitor (Europe) Ltd, and to provide working capital.
Founded in 1992, The Casella Group, is the UK’s leading integrated environment group. The company aims to address environmental issues of every kind through manufacture of instruments and equipment for clients across the UK and abroad. Casella also offers consultancy, training, analysis and remediation. Instrument manufacture includes noise, vibration, water, dust and weather while consultancy services concentrate on: environmental management, emissions, renewable energy, workplace health and safety, hazardous materials and contaminated land.
Kevin Grassby of Sagitta Private Equity said: “Environmental services is one of the fastest growing sectors in the UK. We believe Casella is well-positioned to capitalise on this growth, and the acquisition of EMC is another step in the company’s progress.”