Nash Advisory and KPMG advise Total Drain Group on deal
Total Drain Group (TDG) – a utilities-focused sustainable solutions group based in New South Wales – has acquired direct competitor Bartlett Environmental. Nash Advisory and KPMG provided buy-side advisory services.
TDG offers innovative and green solutions for drain cleaning, water blasting and other municipal infrastructure asset maintenance services – including storm water management. Bartlett Environmental is a near-identical proposition based in Victoria – now set to integrate with TDG’s operations across NSW, Queensland and three locations in Victoria.
“The screw-on cements Total Drain Group as the leading rainwater management and liquid waste recycling company in Victoria and New South Wales,” said Marcus Darville, managing partner at Quadrant – a Sydney-based private equity group that took a controlling share in TDG last year and backed the deal.
Darville spoke to the Australian Financial Review, noting that the goal behind investing in Total Drain Group was to “accelerate the next phase of growth.” Bartlett’s bolt on is the first sign of this new impetus, and a host of advisors were involved in sealing the deal.
Transaction specialists at Big Four accounting and advisory firm KPMG helped TDG with deal specifics, while Melbourne-based corporate advisors Nash Advisory helped TDG manage the Quadrant entry in May last year, and stuck on as merger & acquisition advisors to the group.
Engineering due diligence for the deal was managed by global engineering major Arcadis, and the legal expertise came from Sydney-based law firm Gilbert + Tobin. On the sell side, Bartlett was advised by Sydney-headquartered law firm Colin Biggers & Paisley.
Bartlett founder Darren Bartlett and CEO Hayden Bateman will remain at the helm following the deal, and will take a financial interest in TDG. And the combined entity has much on its plate. In Victoria, the government plans to build up recycling capabilities over the next ten years – backed with $300 million in funding.
In NSW, the utilities sector is looking to transform and improve cost-efficiency – evidenced by WaterNSW’s 2019 migration to a cloud-based enterprise resource planning system. This is not including a broad energy transition unfolding in Australia, bumping up the demand for environmental services.
Per a TDG statement on social media, the Bartlett team is a strong addition at a busy time. “Over the past three decades Bartlett’s Environmental has grown into one of the leading service providers across Victoria with a strong reputation for customer service, operational excellence, and innovative solutions.”
“Our combined experience and capabilities will provide one of the most comprehensive environmental and recycling services along the east coast of Australia, with an increased capacity to add value and further growth.”
