Workdry taps into growth with refinancing deal

A water infrastructure company has secured new financial backing to support international expansion and investment in sustainability.

Workdry International, a global provider of water and wastewater asset rental solutions, has completed a £660 million strategic refinancing of its debt facilities. 

Bosses say the deal, backed by a mix of existing and new lenders, strengthens Workdry’s ability to invest in its fleet, accelerate engineering innovation and expand its services across Europe and the US.

They add that the refinancing provides access to a broad base of liquidity under a common terms platform, giving the business flexibility and competitive terms to pursue growth, while underpinning Workdry’s strategy to address major challenges in the water industry, from upgrading ageing infrastructure to supporting utilities in meeting quality, safety and sustainability goals.

Dan Lee, group chief executive at Chandler's Ford-based Workdry, said: "This successful refinancing reflects the strength of our outstanding business and the dedication of our global teams, who continue to design innovative water infrastructure solutions that enhance water quality for our customers and, ultimately, the wider public. 

“The new facility empowers us to accelerate our strategic growth plans across the group’s international footprint, expanding and enhancing our delivery of innovative, mission-critical rental solutions through our mobile and modular fleet. 

“This capability is vital as we address ageing water and wastewater infrastructure, increasing regulatory demand, and long-term climate challenges.”

Mike Greenwood, chief financial officer of Workdry, added: "The refinancing package, totaling £660 million, comprises of £470 million drawn at close and a further £190 million committed in RCF/Capex facilities. 

“This structure supports our long-term objectives and reflects our extremely robust market position and strong confidence from our valued lender partners in Workdry’s vision for the future. 

“It positions us for continued investment in innovation and service excellence across our key markets."

Workdry, which was acquired by Arcus Infrastructure Partners in 2022, works with water utilities, industrial operators and infrastructure providers on critical water handling and treatment projects. 

Jordan Cott, partner and head of logistics and industrials at Arcus, added: “The highly supportive financing package Workdry has now put in place reflects the strong position the company has built over decades as a leading provider of mobile and modular water infrastructure solutions. 

“This milestone follows years of investment in and development of the Workdry business and is a testament to the strength of the partnership between the Arcus and Workdry teams. 

“Importantly, the excellent outcome reinforces our broader infrastructure and sustainability thesis on Workdry, underlining the fundamental and essential nature of its assets and solutions, its leading position as a mission-critical infrastructure provider to resilient end markets, and the unique opportunity the company has to partner with its customers to address broader water challenges today and into the future.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →