The deal values Amey at 拢400m, with an equity value of 拢245m, based on estimated net debt and working capital for December 2022.
The buyers will pay 拢109m in cash with a vendor loan note of 拢136m repayable over the next five years with an interest rate of 6% per year (moving to 8% after year three).
The deal 鈥� which is still subject to regulatory approvals 鈥� excludes Amey鈥檚 waste treatment business, which will remain in the Ferrovial group. Completion is expected to take place before the end of the year.
Amey鈥檚 latest accounts, for the year to December 2020, show a 拢98m pre-tax loss on turnover of 拢2.4bn. The previous year it lost 拢109m before tax on 拢2.5bn turnover.
Nicholas Gee, founding partner at Buckthorn Partners, said: 鈥淎mey is at the heart of developing innovative routes to deliver the UK鈥檚 infrastructure needs. Amey鈥檚 consulting and engineering services are essential to expedite the energy transition by improving the performance of transport and building infrastructure.
鈥淲e are delighted to acquire a business with market leading capability in managing critical infrastructure and look forward to building on this capability and on Amey鈥檚 positive work in social value and sustainability.
鈥淥ur ownership will bring stability, investment and expertise to grow and develop the company. We have a strong track record of growing businesses and are excited about the prospect of working closely with Amey and its excellent workforce to shape the future of the business.鈥�
Buckthorn partners include former chancellor of the exchequer Philip Hammond and the firm's chairman is former sports minister Colin Moynihan 鈥� both of whom now sit in the House of Lords on the Conservative Party benches.
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