As part of the transaction, Baird Capital is backing experienced executive Paul O’Kelly to lead Watkins as CEO. In addition, Baird Capital Managing Directors Andrew Ferguson and James Benfield will join Watkins’ board, as will Baird Capital Operating Partner David Barrass as Chairman.
The company intends to use the funds to expand its rental fleet to support business growth and to invest in its engineering, operational and service infrastructure.
Founded in 1998, Watkins supplies heaters, steam and water boilers, air handlers and chillers to a wide variety of blue chip clients. The company also has a dedicated events division, providing equipment rental at special prestigious UK and International major events, including the 2012 London Olympics.
It has several depots serving regions throughout the U.K.