M Group Services, a leading service provider to the regulated infrastructure markets in the UK and Ireland, has announced an agreement to be acquired by PAI Partners, a major private equity investor in businesses across Europe, from First Reserve, a leading private equity firm exclusively focused on energy.
Commenting on the announcement, Jim Arnold, Chief Executive of M Group Services said: “Over the past two years, First Reserve’s strategic investment in our group has enabled the successful delivery of our business strategy. This has resulted in continued profitable growth. We have broadened the markets in which we operate, we have diversified our service offering and we have created a strong foundation for future continued success across the Utilities, Data, Transport and Telecom markets with their support.
“During the last few months, we have continued to work closely with First Reserve, on the next stage of our growth. As part of this process an opportunity arose that has allowed First Reserve to realise the benefits of their investment to date and for us to introduce PAI, as a new long-term investor to sit alongside the existing senior management and to actively support the future development of the group…
“This acquisition will not involve any change to ownership of the businesses within M Group Services Divisions, which includes Morrison Utility Services, Morrison Data Services, Dyer & Butler, Magdalene, PMP Utilities, M Group Services Plant & Fleet Solutions and any operating businesses within them.”
The actual sale of the business will occur following European Commission antitrust approval, which is required for an acquisition of this scale. It is anticipated this will be complete by the end of August.