Liverpool tech firm Gas Tag in £20m private equity deal
Tech company Gas Tag has secured an eight-figure investment from private equity firm Waterland.
The deal, valuing Gas Tag at more than £20m, will enable the Liverpool-headquartered business to continue scaling up both in the UK and overseas.
Waterland gained a minority stake in the company. Two members of its senior team, MD Andy Scaife and senior investment manager Ryan Hallworth, have joined Gas Tag’s board.
Established in 2015 by Paul Durose and Stephen Ullathorne, Gas Tag uses technology that helps landlords, housing associations and councils combat illegal gas fitters and uphold gas safety regulations.
Once a physical ‘tag’ is installed at a property, software tracks all the gas appliances and any gas works carried out at the property.
Gas Tag is based in the heart of Liverpool’s commercial district at 4 St Paul’s Square.
Co-founder Stephen said: “The Waterland investment will be transformational for Gas Tag. The funding and support of their experienced team will enable us to rapidly accelerate the growth of the business in the UK and internationally.
“We didn’t just want an investor, we wanted a partner and Waterland stood out as the perfect fit with our ambitions for Gas Tag.”
Waterland UK’s Andy Scaife commented: “Gas Tag is a hugely exciting and innovative company, exactly the kind of business Waterland looks to invest in. We are delighted that this is the first investment by our UK team.
“We were impressed by the vision of the company and its senior management team. As soon as we met with Paul and Stephen and saw the impact Gas Tag was making in the industry, we knew it was an investment we wanted to make.”
He added: “We believe in building dynamic partnerships with our clients and look forward to working with the Gas Tag team as they roll out their various products in the UK and internationally.”
Gas Tag was advised on the deal by law firm Brabners. Waterland was advised by professional services giant Deloitte, management consultancy CIL and law firm Hill Dickinson.
The investment is the first made by Waterland’s UK team, which launched last year. The company also has offices in Germany, Denmark, Poland, Belgium and the Netherlands.
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