Old Mill advise on the sale of Watertite Heating Ltd to Andwis

In a significant move within the mechanical & electrical contracting market, Old Mill has successfully advised on the sale of Watertite Heating Ltd to Andwis.

Jon Wintersgill, the owner of Watertite Heating Ltd, chose Old Mill to facilitate the sale process as he prepared for retirement. Having a long-standing relationship with Old Mill on the accounts side and for his wealth management, Jon regarded Old Mill as a trusted adviser for such a pivotal life event.

The sale process, completed in late 2023, was spearheaded by Mark Neath and Scott Hill from Old Mill’s Corporate Finance team with a targeted approach to potential purchasers within the industry.

Scott Hill, “Watertite Heating’s solid track record and strong profitability meant we were confident that there would be interest.”

Several Old Mill teams collaborated alongside the Corporate Finance team to provide personal financial planning, tax structuring advice to shareholders, an incentive scheme for key management, and early completion of year-end accounts and Corporation Tax.

Legal advice was provided by Mogers Drewett, a firm that has a long-standing relationship with Old Mill Corporate Finance. Victoria Darvall from Mogers Drewett, “We value Old Mill’s professionalism and experience, and we were delighted to work with them to bring about a successful sale for Jon.”

The transaction reflects a broader trend in the M&E Contracting sector, characterised by consolidation due to many owner-managed businesses with retiring owners. This sector is increasingly attractive to private equity firms, thanks to the stable revenue from annual maintenance agreements, leading to the emergence of ‘buy & build’ platforms like Andwis.

Jon explained the benefits of working with a team of experienced advisers, “I’ve no experience of selling a business – it’s something you only do once after all – and Mark and team were always on-hand to explain everything and patiently answer all of my questions! It is a stressful time, but having confidence in Old Mill and Mogers Drewett looking after my best interests helped to smooth the process.”

Old Mill is a leading provider of accounting, wealth management, and corporate finance services, known for our integrated approach and expertise in guiding significant life events such as business sales and acquisitions.

If you are considering buying a business, selling your company, or are looking for ways to finance your growth plans and would like to find out more about the process, get in touch.