Ovivo completes cross-border MBO

Clearwater International has advised on the management buy-out of the Midlands-based municipal arm of Canadian-listed group Ovivo (TSX: OVI).

The municipal arm, based in West Bromwich, is involved in the supply, installation and maintenance of equipment and treatment processes in the municipal water and wastewater industries. The business employs around 70 staff, with a turnover of €17.7m.

Having left the Ovivo brand, the deal sees the company trade under the name Jacopa. The new company will continue its focus on the UK and Ireland wastewater sectors, offering a variety of brands including Copa, Jones+Attwood, Aquator, Tomkinson and MBR Technology.

The management buy-out will see the business being led by well-known industry figure Alex Lloyd. Previously vice-president at Ovivo's UK municipal arm, Alex now takes on the role of managing director at Jacopa.