Browne Jacobson’s private equity team has successfully advised LDC, the private equity investor which is part of Lloyds Banking Group, on its reinvestment into Stonbury, the leading UK water and environmental sustainability specialist, alongside new minority co-investor Federated Hermes. 

The new investment will accelerate Stonbury's growth through organic expansion and a significant buy-and-build strategy. Stonbury delivers innovative, low-carbon solutions to maintain, repair and refurbish critical assets, from drinking water provision to wastewater treatment. 

In the four years since LDC's original investment in December 2022, Stonbury has delivered strong growth, with revenue up 74% to £78 million and headcount growing from 281 to 443 people across 10 locations. The business has broadened its service offering beyond clean water, diversifying revenue streams across wastewater, environment and technology-enabled services, and now secures work across 37 customer frameworks. In 2024, Stonbury acquired Panton McLeod, the industry-leading advanced inspection and cleaning specialist, adding 50 specialists and strengthening the company's end-to-end water asset capabilities. 

The new backing will support continued investment into people and services in order to meet growing demand driven by ageing UK water infrastructure and increasing regulatory focus on leakage and pollution reduction, and will also support a buy-and-build strategy targeting further service expansion. The transaction was led by LDC's David Bains, Partner and Head of East Midlands and East of England, and Investment Executive Lucy Lagrosse. 

The Browne Jacobson team was led by partner Matt Bolton, assisted by partner Gavin Cummings and associates Lydia Mills and Harry Rowe. They were supported by a multi-disciplinary team across the firm which included banking partner Shaun McCabe and associates Patrick Berry and Abigail Stokes, and tax partner Craig Thomas. 

Matt Bolton commented: “Stonbury is an impressive business operating in a market that really matters – safe and effective water infrastructure is one of the most important challenges the UK faces, and Colin and his team are at the forefront of delivering solutions. We're delighted to have supported the LDC team, and Colin and his team, on this reinvestment, which is a real endorsement of what Stonbury has built over the last four years and the significant runway ahead. We look forward to seeing them go from strength to strength with LDC’s continued backing”. 

David Bains, Partner and Head of East Midlands and East of England at LDC, added: “Stonbury has delivered impressive growth over the past four years whilst simultaneously building a stronger operational platform and it is now well-positioned for future growth in a market driven by increasing regulatory requirements. We have already identified a number of potential acquisition targets and are looking forward to continuing to support Colin and his team through this next phase.” 

This transaction is Browne Jacobson's latest private equity deal, with other recent successes including advising management and shareholders of Metric Search on its investment by US private equity firm Southfield Capital, and advising Obsequio Group on its investment by Warren Equity Partners.