LONDON, 16 November 2016 – Baird Capital today announced the sale of its portfolio company, Watkins Hire Ltd., to Carrier Rental Systems (UK) Ltd. The terms of the transaction were not disclosed.
Founded in 1998, Watkins is a provider of industrial and commercial heating and cooling equipment rental services. Watkins supplies heaters, steam and water boilers, fuel tanks, dehumidifiers, air handlers, air conditioning and chillers to a wide variety of blue chip clients. The company also has a dedicated events division, providing equipment rental at special prestigious UK and international major events, including the 2012 London Olympics. Headquarted in Lydney, Watkins has four depots dedicated to serving its customers across the UK.
The business was acquired by Baird Capital in 2013, in a management buy-in, led by Chief Executive Officer Paul O'Kelly. Over the past three years Watkins has built on its position as one of the UK's leading independent specialist temperature control rental companies.
James Benfield, Partner for Baird Capital, commented: "It has been a great experience working with the Watkins management team and developing the company into an industry leading temperature control solutions provider. We have made considerable investment in Watkins' operations and fleet over the course of our ownership, and leave the company with a strong team and well positioned for continued growth."
Baird Capital and Watkins Hire were advised by Phillip McCreanor from Lincoln International and Catherine Eley from Eversheds.
About Baird Capital
Baird Capital makes private equity, growth equity and venture capital investments in strategically targeted sectors around the world. Having invested in more than 295 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through a proactive portfolio operations team and a deep network of relationships which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. Baird Capital Partners Europe Limited is authorised and regulated in the UK by the Financial Conduct Authority. For more information, please visit www.BairdCapital.com.
For additional information, contact:
Mark Foxwell, Cubitt Consulting
+44 20 7759 1194