Mitie Acquires ESM Power
Mitie has agreed to acquire the Lincolnshire-based high-voltage electrical engineering business ESM Power in a deal worth £8.5 million. ESM Power will join...
Read Full ArticleGlobal investment firm H.I.G has acquired Cambridgeshire M&E service provider CPS Building Services Limited.
The existing management team of CPS will remain in place, and Founder James Rust and CPS’ current Managing Director, Liam Connelly, will also reinvest.
CPS provides installation and maintenance services across heating, cooling, ventilation and electrical systems to clients in the healthcare, life sciences, defence and education end-markets.
H.I.G plans to focus on growing CPS’ electrical and maintenance offerings, using CPS to form the core of a wider technical building services group by acquiring businesses active in fire protection, water and pumps, lifts maintenance, access and security, and associated compliance services.
Several active acquisition discussions are currently reported to be underway, in partnership with Jonathan Simpson-Dent who will take the role of executive chair of the group.
Liam Connelly commented: “This is a fantastic new chapter and testament to the commitment of the team in serving our clients and building the CPS business. Together with H.I.G., our joint vision will create a unique range of essential building services and expertise that will benefit our clients.”
John Harper, Head of the H.I.G. Europe Lower Middle Market LBO team in London, said “We are very excited to be partnering with Liam, Jonathan and the CPS team to build on the company’s track record of success. CPS’ reputation for exceptional service and high-quality delivery has stood out to us since our first meeting with the company. We look forward to working with Jonathan to acquire additional technical building services offerings to complement CPS leveraging H.I.G.’s deep M&A expertise.”
The financial terms of the transaction have not been disclosed.
Picture: a photograph of two people shaking hands over a desk. A cup of coffee, some pens and a notebook can also be seen. Image Credit: Pexels
Article written by Ella Tansley | Published 06 September 2022
Mitie has agreed to acquire the Lincolnshire-based high-voltage electrical engineering business ESM Power in a deal worth £8.5 million. ESM Power will join...
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