Pemba adds Ektimo to growing portfolio of environmental consulting firms

Private equity firm Pemba Capital Partners has purchased environmental services and advisory firm Ektimo, with Pemba-backed Rennie, OC&C Strategy Consultants, and EY among its advisors.

Based out of Melbourne with further offices in Perth, Wollongong and Brisbane, Ektimo specialises in air quality, odour and emissions monitoring and advisory for clients in the resources and industrial sectors, supported by a team of around 80 experts.

The latest deal adds to Pemba’s increasing push into the environmental consulting segment, following soon after the addition of fellow specialists WolfPeak and Factotum to Sequana, which has also been backed by the private equity firm since late last year.

In perhaps an unusual twist, Rennie, which is both a sustainability consultancy and capital advisory and part of Pemba’s portfolio since the end of 2023, acted as one of the advisors on the reportedly $100 million-plus deal, providing commercial due diligence alongside fellow advisors OC&C Strategy Consultants, Ernst & Young, and law firms Gilbert + Tobin and Corrs.

“Ektimo has built a highly-respected platform in a sector experiencing robust growth,” said Jonathan Holding, who will now help to grow its footprint alongside newly-promoted Pemba partner Nick Burton. “We see a significant opportunity to support Ektimo in expanding its service lines, deepening its presence in high-demand sectors, and executing a targeted acquisition strategy.”

Co-founded by chief executive Matthew Heskin in 2014, Ektimo presently serves clients in industries such as energy, mining & resources, waste water, oil & gas, industrials, cement, and packaging. It’s expected the Pemba capital boost will allow Ektimo to further grow its nationwide team of consultants and environmental specialists, with Heskin to stay on at the held.

Contrary to the AFR, which cited unnamed sources for the $100 million-plus valuation, Ektimo isn’t of course Pemba’s “maiden foray” into environmental consulting, with its combined assets now building towards becoming one of Australia’s largest providers.

The firm has also recently made significant investments into the cybersecurity and accounting and advisory sectors.