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Azets has advised the shareholders of London-based drainage specialist Defluo Ltd, after being acquired by European firm Kanalservice Holding AG.
Defluo was founded in 2008 by MD Joe Kelly and is one of the largest UK-based providers of plumbing, drainage and building works, offering a full range of services to commercial customers.
Meanwhile, Kanalservice is a fast-growing company leading the field in the value maintenance of underground infrastructure and roads in Switzerland and Germany.
The deal marks Kanalservice’s entry into the UK market and brings the group a step closer to achieving its long-term ambition of becoming the European market leader.
As part of the acquisition, Kelly and operations director Scott Fixter will continue to lead Defluo’s operations, with Kanalservice announcing plans to grow organically throughout the UK and invest in expanding supplemental services to deliver greater value.
Kelly said: “I want to thank David Ellis and Matt Buxton of Azets’ corporate finance team, who worked extremely hard and guided us through every step of this acquisition, from approaching potential buyers all the way through to managing a successful outcome. Their expertise, pragmatism, and, above all, approachability proved invaluable.”
David Ellis, corporate finance director at Azets, added: “I am delighted for Joe Kelly and his team. Joe has built a fantastic business and now, with this exciting partnership with Kanalservice, he and Scott have an ideal partner to continue the success and growth of Defluo.”
