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On 5 September 2024, private equity firm FFL Partners announced the sale of its stake in U.K.-based digital water solutions provider Ovarro Group Limited (Ovarro) to Indicor LLC, an industrial technologies-focused service provider. Indicor cited that its positions in industrial systems and analytics will be complemented by Ovarro’s greater reach into the water and environmental space. While financial terms of the deal were undisclosed, Ovarro’s 2023 turnover and adjusted EBITDA totaled £42.4 million (US$55.8 million) and £8.4 million (US$11.1 million), respectively. These figures imply a transaction likely worth well over £100 million (US$131.6 million).
In this Research Note:
- FFL builds out Ovarro portfolio, with greater scale pending
- Ovarro reveals platform opportunity for fragmented global markets
- Indicor poised to unlock U.S. market potential for Ovarro
