Leading London-based drainage specialist Defluo Plumbing & Draining Ltd is set for rapid growth after being acquired by European firm Kanalservice Holding AG.

Azets, the UK Top 10 accountancy firm specialising in SMEs, advised the shareholders of Defluo on the sale.

Defluo was founded in 2008 by Managing Director Joe Kelly and is one of the largest UK based providers of plumbing, drainage and building works, offering a full range of services to commercial customers.

Kanalservice is a fast-growing company leading the field in the value maintenance of underground infrastructure and roads in Switzerland and Germany.

The deal marks Kanalservice’s entry into the UK market and brings the group a step closer to achieving its long-term ambition on becoming the European market leader.

As part of the acquisition, Joe Kelly and Operations Director Scott Fixter will continue to lead Defluo’s operations, with Kanalservice announcing plans to grow organically throughout the UK and invest in expanding supplemental services to deliver greater value.

Commenting on the acquisition, Joe Kelly, Managing Director of Defluo, said: “I want to thank David Ellis and Matt Buxton of Azets’ Corporate Finance team, who worked extremely hard and guided us through every step of this acquisition, from approaching potential buyers all the way through to managing a successful outcome. Their expertise, pragmatism, and, above all, approachability proved invaluable.”

David Ellis, Corporate Finance Director at Azets, added: “I am delighted for Joe Kelly and his team. Joe has built a fantastic business and now, with this exciting partnership with Kanalservice, he and Scott have an ideal partner to continue the success and growth of Defluo.”