H.I.G. Capital has completed the acquisition of Avove, a UK infrastructure services and engineering company focused on regulated water, wastewater and power markets. Financial terms were not disclosed, and Avove’s management team will reinvest alongside H.I.G. while remaining in place to lead the business.
Avove provides end-to-end design and construction services to utilities across Great Britain and Northern Ireland. Its work supports the development, maintenance and modernization of infrastructure used to supply water, manage wastewater and distribute power, placing the company within markets supported by long-term regulatory investment programs.
The acquisition comes as the United Kingdom begins the AMP8 water investment cycle, which covers the five-year regulatory period starting in 2025. Utilities are expected to increase spending on aging infrastructure, pollution reduction, service capacity and climate resilience, creating opportunities for engineering and service providers capable of delivering complex programs across regulated networks.
Water companies are under pressure to reduce leakage, prevent sewage discharges, strengthen treatment capacity and improve the resilience of infrastructure exposed to population growth and changing weather patterns. Power networks are also investing to accommodate electrification, renewable generation and higher demand from transportation, heating and digital infrastructure.
H.I.G. plans to support Avove’s organic growth and pursue acquisitions that broaden its service capabilities. An acquisition-led strategy could help the company add specialist engineering expertise, enter adjacent infrastructure markets and provide a wider range of services to existing utility customers.
The investment gives Avove access to the financial and operational resources of a global alternative investment firm with approximately $75 billion in capital under management. H.I.G. has invested in and managed more than 400 companies since its founding in 1993, and its current portfolio includes more than 100 businesses generating combined annual sales exceeding $53 billion.
KEY QUOTES:
“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., we will continue to improve outcomes for the communities we serve while pursuing growth in a market undergoing rapid transformation.”
Mark Perkins, CEO of Avove
“UK infrastructure markets are set for significant growth in the coming years with capacity, efficiency, and resilience targeted for improvement. We are excited to partner with Avove’s highly experienced management team, combining the company’s strong track record of delivery to regulated utility markets with H.I.G.’s deep UK services sector knowledge and acquisitive-growth expertise.”
Adam Taylor, Managing Director at H.I.G. Capital
