Amey sells utilities business
Amey Utility Services has been rebranded by its new owners as Avove Limited.
The new name, registered today, follows Amey completing the sale of its utilities business to industrial private equity investor Rubicon Partners on 12th April.
Avova will now operate as a separate entity. It retains the same structure and management team as when owned by Amey but it will be appointing a new managing director. Craig McGilvray, formerly managing director of Amey Secure Infrastructure & Utilities, is staying with Amey.
The sale is in line with Amey’s strategy to focus on pure public sector markets, rather than regulated industries.
Craig McGilvray said: “This is a hugely positive step for both Avove and the wider Amey Group. The sale provides the new company with the ability to leverage opportunity and offer a strategic proposition backed by growth. Now the team can focus on and continue its upward trajectory on financial and operational performance. I wish them all the luck in the future.”
The most recent accounts for Amey Utility Services show that in 2020 it generated revenues of £194m and made a pre-tax profit of £5m. Amey is a subsidiary of Spanish infrastructure group Ferrovial and has itself been up for sale for several years.