Henslow is pleased to have advised New Plumbing Solutions Group (NPS) on a significant minority investment from 38sth

Founded in 2009, NPS is a national provider of contracted water services, with operations across Victoria, New South Wales and Queensland. The business installs, replaces and maintains water meters, delivers new water connections for residential and commercial property, provides commercial plumbing maintenance, and runs water efficiency and leak detection programs. NPS’s customers include metropolitan and regional water authorities, local government, and health, education and commercial organisations.

38sth is a growth-focused private equity investor specialising in B2B services businesses across Australia and New Zealand, typically investing $40m+ of equity.

The investment in NPS represents 38sth’s first investment following its spinout from Livingbridge and will support NPS as it continues to scale its operations and pursue its next phase of growth.

The transaction adds to Henslow’s track record advising founder-led and privately owned businesses in B2B services on transactions involving institutional investors.

Henslow is proud to have supported the founders and broader NPS team on this important milestone and looks forward to continuing to work with the business as it enters its next phase of growth and develops into a broader national water services platform.

Henslow’s capabilities extend across capital raising, both public and private, and mergers and acquisitions, supporting clients across the full transaction lifecycle.

Deal team: Chris Tait, Tom Larkworthy, Madison Kayes