Fast-growing utilities provider Everflow has secured £44m in funding to create jobs and support its expansion across the UK. The County Durham company has received £22m in investment from BGF, along with a £22m funding package from digital bank OakNorth.
Expansion and Digital Transformation
The funding round will support the company’s expansion across the UK, enable diversification into new sectors, and expand its 250-strong team. It will also accelerate Everflow’s digital transformation, including AI adoption across internal business processes and the development of a platform to unify its services.
Founded in 2015 as an intermediary between water wholesalers and commercial customers, Everflow has evolved into a multi-utility provider achieving 30% year-on-year growth over the last three years and serving more than 120,000 premises. Its most recent accounts, covering 2024, show turnover of £188m and profit of £2.2m.
CEO Comments
Chief executive Craig Dallison said: “We set out in 2015 with a clear goal. To make utilities simple for SMEs, while bringing greater choice, improved service and better value to businesses relying on the UK’s water retail market. 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.”
“As a home-grown business in the North East, we’re proud of our expansion over the past decade. But we’ve also helped our customers operate more sustainably by reducing water consumption and cutting carbon emissions. These outcomes reflect our commitment to delivering both commercial and environmental value for the organisations we work with.”
New Leadership and Exit for Perwyn
As part of the investment, Stuart Warriner, former lead M&A partner at PwC in Yorkshire, will join Everflow as a non-executive chair. The deal provides an exit for private equity investor Perwyn.
Investor Perspectives
John Healey, investor at BGF, said: “From our first conversations with Everflow, we were struck by its scale and strong foothold within the UK SME water market. It’s been a business underpinned by technology from day one, which has enabled it to consistently scale, innovate and disrupt the non-household water utility market. Built in the North East, Everflow has combined operational excellence and a deeply experienced leadership team with a clear vision for growth. We look forward to supporting them on their mission to make utilities simple for UK SMEs.”
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.”
Advisory Details
Everflow was advised by PwC, Muckle LLP, GCS Insight and Deloitte LLP. BGF was advised by Ward Hadaway, Cavu Corporate Finance, Grant Thornton UK and Tax Advisory Partnership. Debt financing for the transaction was provided by OakNorth Bank plc which was advised by Womble Bond Dickinson.
