Pemba Capital Partners has reportedly agreed to acquire air quality monitoring firm Ektimo, marking the private equity group's first investment in environmental consulting.
While Pemba declined to disclose the exact sale price, sources familiar with the deal said it values Ektimo at over $100 million on an enterprise basis.
Founded in 2014 and headquartered in Mitcham, Victoria, Ektimo also operates offices in Sydney, Melbourne, Perth, and Brisbane, offering air quality, odour, and emissions monitoring services to the energy, resources, infrastructure, and manufacturing sectors.
The acquisition comes as Australian businesses face growing pressure to meet emissions reduction targets and decarbonisation commitments.
Pemba partners Jonathan Holding and Nick Burton led the transaction, which was signed on Dec. 23, and plan to work alongside Ektimo CEO and co-founder Matthew Heskin to expand the company’s service offerings and consultant team. Heskin is expected to remain involved as an investor.
"Ektimo has built a highly respected platform in a sector experiencing robust structural growth," Holding said.
"We see significant opportunity to expand services, deepen sector presence, and pursue targeted acquisitions." Heskin described the investment as “an important inflection point” for both the business and the wider industry.