Muckle's corporate experts advise Everflow on multi-million pound investment
Muckle’s corporate and banking legal specialists supported longstanding client Everflow in securing a multi-million pound investment to drive growth from its home in the North East.
Everflow, the UK’s fastest growing business utility provider, will use the funding round to support its M&A strategy, diversification and expansion across the UK, as well as grow its customer base and 250-strong team. The funding will further the company's digital transformation, supporting wider AI adoption and the development of Evie, the company’s custom-built software, which streamlines the process of pricing and managing commercial utilities.
Additionally, the deal provided an exit for private equity investor Perwyn.
A significant success story for the North East
Established in 2015 as an intermediary between water wholesalers and customers, Everflow has rapidly expanded into a nationwide multi-utility provider that has achieved 30% year-on-year growth in the last three years and now supports more than 120,000 commercial sites. Through Everflow's greater offering, SMEs can consolidate their water, waste management, and connectivity services under a single provider.
Collectively, growth capital investors BGF and OakNorth delivered a £44 million funding package for Everflow. Marking one of the largest North East private equity deals of the year, the agreement includes a £22 million equity investment from BGF alongside a £22 million bespoke OakNorth credit facility.
Our team’s relationship with Everflow dates back to 2018, so our deep knowledge of the business was paramount to achieving the transaction objectives.
To get the deal over the line, our team worked closely with PwC (corporate finance, debt advisory, financial and tax due diligence), Deloitte (tax advisory) and solicitors instructed by BGF, navigating key complexities and negotiating the deal within a ten-week timeframe.
Award-winning corporate advice
Matthew Walsh, partner in our corporate team, led on advice supported by partner Stephanie Brown, solicitor Sophie Cragg, and associate solicitors Olivia Tindle and Georgia Sproat.
Matthew said: “We have enjoyed working with the founders and management team of Everflow for many years and it was fantastic to work with them to deliver this landmark transaction. The support from BGF and OakNorth will be instrumental in helping Craig and the team deliver their plan to make utilities simpler for many more businesses. ”
Craig Dallison, Chief Executive Officer at Everflow said:
"Matt, Steph, Olivia, Sophie and the team at Muckle provided exceptional support throughout our recent transaction. Their diligence, commitment, and professionalism were evident at every stage, combining high-quality legal advice with clear, pragmatic commercial guidance.
They worked at pace, remained calm under pressure, and consistently focused on achieving the right outcome. Their deep understanding of our business and the needs of the shareholders ensured that they were a trusted adviser throughout a significant and complex transaction."
Learn more about our corporate team.