As you may be aware Meter 2 Cash Solutions (M2C) was acquired by Flow Systems Pty Ltd (Flow) in 2017. Flow is a sustainable multi-utility providing embedded energy networks, hot water systems, drinking water, recycled water and wastewater services to communities including greenfield and urban infill communities.
Over the past 12 months Flow has been dealing with the decision by Brookfield Infrastructure Group to sell the company in order to gain control ahead of selling their 100% owned Enwave Australia business, which held their interest in Flow. While this decision did not impact Meter 2 Cash Solutions directly, it did put our full integration with Flow on hold while we awaited the outcome of a sale process.
As of 15 November 2019, Brookfield has sold 100% of Flow to a consortium of investors, with the investment in Flow being managed by HRL Morrison & Co.
Founded in 1988, HRL Morrison & Co is a specialist infrastructure investment manager and operator focused on investing in businesses that deliver essential services and address future societal needs. Their portfolio of investments spans renewable energy, energy transmission, telecommunications and data infrastructure, airports, water, eldercare and social infrastructure.
This new ownership provides both businesses with a strong footing to move forward into its next period of growth, as Flow is now well capitalised and has strong support from its new owners who are excited about the unique opportunity that Flow and M2C bring to the market.
- Terry Leckie, Flow’s original founder, will step back into the business as Group CEO, whilst Steve McKewen, co-founder, will also step back in and focus on strategy and growth opportunities.
- Marty Robson, M2C co-founder has been taking a well-deserved holiday, and we look forward to announcing some exciting developments in the New Year.
- Shane Huber, M2C co-founder has established an independent meter reading business named Utility Field Works (UFW), who will continue to provide meter reading services to M2C. We wish him well in this new venture.
We are excited about having secured new ownership supportive of growth and are looking forward to continuing to offer new and innovative solutions for our clients now and into the future. Our goal remains to be the utility that innovates, inspires and creates communities of the future. Thank you for your patience, cooperation and support over the past 12 months, if you have any questions about the sale or what this means for you, please don’t hesitate to contact us directly.