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Tech group Everflow set to expand after completing management buyout

The deal marks a partial exit for Perwyn which first backed the business in 2018

Josh Gill, who is CEO of The Everflow Group(Image: Tony Schofield)

A hotly-tipped County Durham tech firm has announced expansion plans after completing a partial management buyout.

Peterlee-based Everflow comprises business water supplier Everflow Water and software developer Everflow Tech, and the group is planning to expand its range of services to other utilities outside of the water market. The company - which was named the third fastest growing business in Europe in 2021 - has announced a management buyout by its existing management team, with the deal marking a partial exit for lead investor Perwyn.

Everflow Water was launched in 2015 after CEO and founder Josh Gill saw a gap in the market for an ethical water retailer that could harness technology to operate efficiently. Everflow Tech was launched as a company in its own right four years later, after the team recognised its software could benefit the water market as a whole.

The company said the transaction will result in an excellent return on investment for Perwyn, which initially invested in the company in 2018. The deal will enable the company to restructure its capital framework, and Perwyn said it will maintain a significant minority stake, as well as its seat on the Everflow board.

Ravi Sharma, partner at Perwyn and board member of Everflow, said: “We have been tremendously impressed with Everflow’s performance. Their journey began in 2017 when the 海角视频 water market deregulated, and it has been truly satisfying to witness its remarkable growth, now serving over 60,000 customers.

“The Government’s deregulation initiative fostered increased competition, allowing Everflow to identify and seize opportunities using its technology focussed approached, ultimately benefitting water users. They have emerged as market leaders, capturing 26% of customer switches since deregulation. Josh and his team have done a phenomenal job.”

Everflow CEO Mr Gill said: “We are grateful to Perwyn for their enduring support of Everflow and are very pleased that they will remain shareholders. Ravi and his team have played an invaluable role in our growth journey to date and their support and advice will remain key as we look to substantially scale the business into different utility verticals.

“We have learnt how to maximise advantages in 海角视频 utilities markets following the end of monopoly models for those basic services and our future plans include targeting the telecoms and wider utilities.”