The new name, registered today, follows Amey completing the sale of its utilities business to industrial private equity investor Rubicon Partners on 12th April.
Avova will now operate as a separate entity. It retains the same structure and management team as when owned by Amey but it will be appointing a new managing director. Craig McGilvray, formerly managing director of Amey Secure Infrastructure & Utilities, is staying with Amey.
The sale is in line with Amey’s strategy to focus on pure public sector markets, rather than regulated industries.
Craig McGilvray said: “This is a hugely positive step for both Avove and the wider Amey Group. The sale provides the new company with the ability to leverage opportunity and offer a strategic proposition backed by growth. Now the team can focus on and continue its upward trajectory on financial and operational performance. I wish them all the luck in the future.”
The most recent accounts for Amey Utility Services show that in 2020 it generated revenues of £194m and made a pre-tax profit of £5m. Amey is a subsidiary of Spanish infrastructure group Ferrovial and has itself been up for sale for several years.