The investment comprises £22 million from growth capital investor BGF, alongside a £22 million funding package from OakNorth.
Founded in 2015 as an intermediary between water wholesalers and commercial customers, Everflow has grown into a nationwide multi-utility provider serving SMEs across the UK.
Alongside water services, the business now offers waste management and connectivity services, enabling customers to manage multiple utilities through a single provider.
Everflow’s waste division provides collections for a range of commercial waste streams, including general waste, dry mixed recycling, food waste, glass, WEEE, hazardous waste such as batteries and vapes, washroom waste and confidential waste.
Craig Dallison, Chief Executive of Everflow, said: “This investment comes at an exciting inflection point for Everflow, and BGF stood out as the partner to help us continue to grow at pace.”
The new funding will support the company’s expansion across the UK, customer growth, acquisitions and diversification into new sectors.
Everflow also plans to invest further in digital technology, including AI across internal business processes and continued development of its modular technology platform, Evie, which brings together all of the company’s services within a single system.
As part of the investment, Stuart Warriner has been appointed non-executive chair.
Warriner, formerly lead M&A partner at PwC in Yorkshire, joins through BGF’s Talent Network.
The transaction also provides an exit for existing private equity investor Perwyn.
John Healey, Investor at BGF, said: “Built in the North East, Everflow has combined operational excellence and a deeply experienced leadership team with a clear vision for growth.”
Ben Kimball, Director of Debt Finance at OakNorth, added: “Everflow has built an impressive business by combining a customer-first approach with technology to disrupt a traditionally underserved market.
“Under Craig and the wider management team’s leadership, the business has consistently delivered strong growth while continuing to innovate and broaden its offering.
“We’re delighted to support Everflow alongside BGF as it enters its next phase of expansion, investing further in its platform, pursuing strategic acquisitions, and extending its reach across the UK.”
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