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We’ve been impressed with the team at LDC since our very first meeting and are looking forward to having them with us for the next stage of our growth journey. We would also like to thank the team at Kaye Enterprises for all their support to date.”

Neil Pendle
Founder and CEO, Waterscan

Stefan Gunn, Investment Director at LDC, added: “Neil and the team at Waterscan have a great deal of experience having pioneered the self-supply model post market deregulation in 2017 and are hugely passionate about helping businesses to achieve their sustainability goals. They are supporting customers across all corners of the UK and helping them to optimise water usage at a time when all consumers are starting to recognise the increased value – and indeed scarcity – of water. We’re excited about what the future holds for Waterscan as it continues to invest in Waterline and broaden its services, and are pleased to welcome Neil Penhall to the board as he brings significant and relevant experience.”

LDC’s commitment to embedding ESG performance across all levels of its business ranges from ensuring its own operations are net zero by 2030, to working with its portfolio company management teams to successfully transition to a low carbon economy and driving diversity in the UK’s future business leaders through its partnership with The Prince’s Trust.

This transaction is the firm’s latest investment in an ESG-focused business. It follows investments in water and environmental sustainability specialist Stonbury, sustainability data and technology provider Sedex, and Boston Energy, a technical services provider to the wind energy industry.

LDC was advised by RSM UK (corporate finance and tax), Womble Bond Dickinson (legal), Grant Thornton (financial due diligence), PMSI (commercial due diligence) and Coppett Hill (value creation due diligence).

Waterscan was advised by KPMG (corporate finance) and Stevens & Bolton (legal).

Working capital facilities were provided by Virgin Money.