Colesco Capital supports H.I.G. Capital’s Acquisition of Avove

Colesco Capital (“Colesco”), a sustainability-led private credit specialist, is pleased to announce that it has provided financing to support H.I.G. Capital (“H.I.G.”) in its acquisition of Avove Limited (“Avove” or the “Company”), a leading UK infrastructure services and engineering company focused on the regulated water and power markets.

The transaction marks Colesco’s first investment in the UK and reflects its strategy of supporting resilient and sustainable infrastructure, aligned with United Nations Sustainable Development Goal 9.1, which seeks to develop quality, reliable, sustainable and resilient infrastructure to support economic development and human well-being.

Avove provides end-to-end design-and-build solutions to utilities in the water, wastewater, and power sectors. It operates across Great Britain and Northern Ireland and has built a strong reputation for high-quality delivery, for being an employer of choice, and for generating social value in the communities it serves, all demonstrated by several recent award wins. Avove’s management team will reinvest alongside H.I.G. and remain in place to lead the Company’s continued development, supported by an M&A strategy aimed at broadening its offering better to serve its customer base.

The unitranche facility provided by Colesco will support H.I.G.’s acquisition of Avove and provide the Company with a platform for continued growth as demand for resilient infrastructure solutions accelerates across the UK and beyond.

Mark Perkins, CEO of Avove, remarked: “We are proud of what the Avove team has achieved to date by focusing on innovation, quality, and safety, supported by an engaged and passionate workforce. In partnership with H.I.G and Colesco, we look forward to continuing to improve outcomes for the communities we serve while pursuing growth in a market undergoing rapid transformation.”

Adam Taylor, Managing Director in H.I.G.’s London office, said: “UK infrastructure markets are set for significant growth in the coming years with capacity, efficiency, and resilience targeted for improvement. Colesco’s enduring commitment both to our sector thesis and Avove has been evident from the outset. We are excited to welcome Colesco as Sustainability Coordinator as we continue to expand this platform.”

Adam Willmott, Co-Head of Origination at Colesco, added: “The need to modernise the UK’s ageing water infrastructure is clear and urgent; the investment required presents a significant opportunity to deliver both long-term economic value and meaningful societal impact. We are therefore delighted to support Avove, a business with a strong track-record of delivering essential infrastructure for communities. This partnership evidences our belief in uniting capital and purpose and thus we look forward to working alongside H.I.G. and Avove to support sustainable growth, strengthen critical networks and create lasting value.”

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For further information please contact:

Amy Williams, info@colescocapital.com +44 (0) 7734 671 067

About Colesco Capital

Colesco Capital is a private credit specialist with a mission to unite capital and purpose. It takes a sustainability-led approach to raising, deploying and managing capital from institutional asset owners.

With a clear focus on thematic investing and a wide network in both its home market of the Benelux and across Europe, Colesco fulfils a growing demand from investors seeking responsible credit investments across sustainable and impact-oriented assets.

Please find more information on our approach here: www.colescocapital.com

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About Avove

Avove is a leading infrastructure services and engineering company that aims to move life forward, creating sustainable utility infrastructure solutions that help improve people’s lives, grow the economy, and transform communities. Avove is passionate about the areas where it works and aims to support them by leaving a positive legacy by engaging with colleagues, clients, and communities along the journey. For more details see avove.co.uk.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $75 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.