United Living has acquired family-run civils firm Peter Duffy Ltd as it seeks to consolidate its position as a major player in water infrastructure.
The Wakefield-based water specialist will become part of United Living’s infrastructure services division.
Peter Duffy generated a pre-tax profit of £755,200 from turnover of £22.4m in its most recent accounts for the year to 31 March 2024.
While turnover was down from £25.5m the year before, the firm returned to profitability after posting a £1.5m loss in 2023.
The company had total net assets of £19.6m and employed a monthly average of 135 staff with an annual wage bill of £6.8m.
In the accounts, managing director Peter Duffy said the firm had secured orders “beyond 2025”.
United Living’s latest purchase follows its acquisition in April 2024 of engineering services firm EcoGenR8 – trading as AFECO – which operates in the water, marine and energy sectors.
United Living said the deals for AFECO and Peter Duffy “significantly strengthen” its capabilities, as well as its capacity to support water and sewerage companies with “critical wastewater infrastructure solutions”.
In May 2023, United Living itself was bought by US private equity firm Apollo Global Management, after which it released funds for acquisitions as part of a diversification strategy to move the company beyond its previous focus on housebuilding and property services.
Last year it also snapped up training specialist GTEC and heat pump system design app Heatly, as well as PiLON, a social housing property services firm operating across London, the South East and Midlands.
This was followed by the purchase of acquired power distribution and street lighting specialist Jones Lighting in March this year.
Hinting at further strategic acquisitions in its most recent accounts, United Living noted “many growth opportunities” in the infrastructure sector due to network upgrades, AMP8 in the water sector and the new infrastructure required for carbon capture, utilisation and storage.
The contractor reached 38th place in last year’s CN100 table based on its 2023 turnover of £534.2m and a pre-tax loss of £3.9m.
Since then, its position has strengthened, with its most recent accounts for the year to 31 March 2024 showing turnover up at £627.2m and a pre-tax loss of £2.4m.
Neil Armstrong, chair and chief executive of the United Living Group, said the acquisition of Peter Duffy represented a milestone in the group’s strategy to become a market leader in wastewater infrastructure.
The sector was entering a period of transformational growth, driven by environmental, political, and regulatory pressures, as well as long-standing underinvestment, he said.
“The UK water market is preparing for a substantial upturn in investment as it enters the next regulatory period, AMP8, during this year,” Armstrong said.
“United Living’s continued investment in wastewater services reflects its commitment to the challenges and opportunities ahead.”
Peter Duffy said the move was also timely for his firm.
“At this critical time for the water sector, with increasing demand for reputable service providers, being part of the United Living Group presents an exciting opportunity to further develop Peter Duffy Ltd’s strong brand and service offering,” he said.
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Kerry Lorimer