The UK’s ninth-largest contractor has been bought for an undisclosed sum.
M Group Providers, which turned over £1.86bn in its 2022/23 monetary 12 months, will formally have a brand new personal fairness proprietor in autumn upon completion of the deal between vendor PAI Companions and purchaser CVC.
The infrastructure contractor has 11,000 workers and carries out work throughout water, vitality, telecoms and transport from greater than 216 areas throughout the UK. It was fashioned in 2016 from Morrison Utility Providers and positioned ninth within the CN100 2023.
Paris-headquartered PAI Companions purchased the corporate in 2018 from personal fairness agency First Reserve.
Since then, M Group has acquired 14 companies, with income growing from £1bn to “over £2bn as we speak”, in keeping with the contractor – though its accounts for the 12 months ending 31 March haven’t but been printed.
Luxembourg-headquartered CVC has now purchased M Group through its Fund IX, which closed at €26bn (£19.5bn) in 2023, turning into “the most important personal fairness fund ever raised”, in keeping with M Group.
The worth of the sale is undisclosed, however in 2022 Bloomberg reported that PAL Companions was in search of as much as £1.5bn for M Group.
In a press release, the contractor mentioned CVC will “work carefully with M Group Providers’ administration group to speed up its natural development and improvement on this subsequent section, complemented by additional strategic value-enhancing mergers and acquisitions”.
M Group Providers chief govt Andrew Findlay mentioned: “We wish to thank PAI Companions for his or her sturdy assist and dedication to our development since 2018.
“We’re delighted that CVC has determined to assist our clear and impressive plan to proceed to develop and ship at tempo, constructed on our stable market-leading foundations. We stay up for working in partnership with CVC to ship our future plans. That is nice for our folks, our purchasers and their clients.”
Dominic Murphy, managing accomplice and co-head of the UK group at CVC, and Tim Gallico, accomplice at CVC, mentioned: “M Group Providers is a pacesetter in a gorgeous market rising on the again of structural developments linked to ageing infrastructure, decarbonisation initiatives and expertise.”
