Thu, 30 Jul 2026 | BUSINESS SALE
Utilities contractor Avove is set to expand its service offering through acquisitions after being taken over by US private equity firm H.I.G. Capital. Chorley-headquartered Avove is focused on the regulated water, wastewater and power sectors.
Avove, which was carved out of Amey Utilities by private investor Rubicon Partners in 2022 before being rebranded, has seen strong growth in recent years. Since the carve-out, the company has more than doubled in size, expanding its geographic footprint, services and capabilities, and establishing itself as a major contractor.
In the year to December 31 2025, it reported revenue of £226.5 million, up from £216.1 million a year earlier, while operating profit increased from £12.5 million to £15.6 million.
Following its acquisition by H.I.G. Capital, a Florida-based PE firm that targets SMEs with “attractive growth potential”, Avove’s existing leadership will remain in place, headed by Chief Executive Mark Perkins, and will reinvest alongside the new owner.
The firm will benefit from fresh investment, helping to drive its utilities infrastructure delivery across the UK and Ireland. H.I.G. said it will also seek to grow the company through acquisitions that broaden its service offering.
H.I.G.’s takeover was backed by a unitranche financing package from Colesco Capital, a sustainability-focused lender, marking its first UK investment.
Avove CEO Mark Perkins said: “We are proud of what the team has achieved to date by focusing on innovation, quality and safety, supported by an engaged and passionate workforce. For our clients and partners, this partnership with H.I.G strengthens our ability to support their long-term ambitions.”
“It provides access to additional expertise, insight and resources, helping us invest further in our capabilities, drive innovation, and continue delivering the high-quality outcomes they expect from Avove. It also gives us a broader platform from which to support the critical infrastructure programmes that serve communities across the UK and Ireland.”
Adam Taylor, Managing Director in H.I.G’s London office, added: “UK infrastructure markets are set for significant growth in the coming years with capacity, efficiency, and resilience targeted for improvement.”
“We are excited to partner with Avove’s highly experienced management team, combining the company’s strong track record of delivery to regulated utility markets with H.I.G’s deep UK services sector knowledge and acquisitive-growth expertise.”
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