Dunedin-backed CET, the dynamic provider of specialist outsourced services to the construction and insurance claims sectors, today announced the acquisition of one of its suppliers, Triaqua Limited (“Triaqua”), a team of industry-recognised drainage professionals that provide specialist support services to the insurance sector for underground services claims.
Founded in October 2016, Triaqua manages drainage insurance claims and provides solutions to reduce indemnity spend. This acquisition will strengthen CET’s Drainage division and forms part of a broader plan to double the size of the CET business over the next four years.
This acquisition comes 12 months after CET appointed CEO Peter Eglinton to lead the business through continued growth, including further geographical expansion, strategic acquisitions and investment in people. CET achieved revenues of over £34m in its latest financial year, growing 25% over the previous year and building on a six year track record of continuous strong growth.
Peter Eglinton, CEO of CET, said: “We have worked very closely with the Triaqua team over the last eight months and are delighted to formally welcome them to CET. As well as providing our clients with enhanced technical expertise in drainage services, this acquisition builds on CET’s growth momentum and demonstrates our strategy of acquiring complementary businesses to expand our capabilities.”
Katie Chung, Investment Manager of Dunedin, said: “During our investment period, CET has successfully focused on acquisitive and organic growth, greatly enhancing the breath and quality of service that it offers its clients, as well as strengthening its national footprint. This latest acquisition forms part of that active expansion programme, which has seen CET achieve year on year growth, with both revenues increasing by over 75% over the past 3 years.”
Dunedin backed the management buyout of CET Group in 2005. It has to date funded 49 portfolio acquisitions from its second and third funds.