Asset manager BlackRock is set to take a majority stake in water and wastewater contractor Lanes Group.

The deal is expected to close by the end of this month and accelerate growth at the £500m turnover business which employs 4,000 staff on drainage and utility infrastructure jobs.

Wayne Earnshaw, CEO of Lanes Group, said: “This marks a pivotal moment for Lanes Group as we continue our journey of growth and innovation.

“While this investment will unlock new opportunities for us to expand and enhance our activities, I want to reassure our clients and partners that it’s very much business as usual.

“Our focus remains firmly on delivering the same high standards of service and expertise that we are known for, while also driving forward our long-term vision for the future.”

Edward Winter, Head of EMEA for Diversified Infrastructure at Global Infrastructure Partners (GIP), a part of BlackRock, said: “Lanes Group is a leading provider of mission-critical maintenance and repair works to the water and wastewater infrastructure sector in the UK, offering a scalable platform with a highly resilient business model, underpinned by multi-year customer contracts, the UK’s largest fleet of equipment and strong customer relationships.

“We look forward to working with Wayne and the management team to continue to deliver reliable, high-quality solutions to customers across the UK and help them meet their requirements in the upcoming regulatory period.”