M&E specialist CPS Building Services acquired by private equity group
H.I.G. Capital has bought British isles-based heating, cooling and air flow solutions expert with aims to broaden company’s knowledge with further acquisitions
HVAC and electrical methods expert CPS Making Expert services has been acquired by H.I.G. Capital as the team looks to bolster its skills in the sector.
H.I.G. Funds, which describes alone as a personal fairness team with US$50bn (£43.5bn) in fairness, has in the latest yrs been investing in the HVAC supply chain. It last calendar year acquired some 350 branches of United kingdom plumbing and heating distribution manufacturer Travis Perkins.
The non-public fairness group has this thirty day period introduced that it has now obtained the mechanical and electrical (M&E) products and services enterprise CPS Building Companies from founder James Rust for an undisclosed payment.
CPS offer installation and servicing services linked to heating, cooling and ventilation systems. The company has skills in functioning throughout healthcare, life sciences, defence and the training sectors.
Liam Connelly, the present-day controlling director of the firm, is anticipated to reinvest in the organization alongside the funding offered by H.I.G. Cash. The company’s present administration staff are also envisioned to stay in place as section of the deal.
H.I.G. Funds claimed it expected to emphasis on increasing the company’s upkeep and electrical services. It will also glimpse to establish the CPS manufacturer to be at the coronary heart of an expanded making companies expert that would present a broader number of services by the acquisition of enterprises presently functioning on fire defense, h2o and pumps and other relevant specialisms this sort of as lifts routine maintenance.
Discussions on attaining extra corporations ended up now underway with Jonathan Simpson-Dent, who will provide as the government chairman of the new CPS company.
CPS’ Liam Connelly said that the work would further more build up the company’s know-how in providing essential constructing expert services to consumers.
Jonathan Simpson-Dent added that he would be doing work with Mr Connelly on growing the company as a result of mergers and acquisitions supposed to make a solitary service provider that can present a selection of complex setting up products and services.
He additional, “Liam and his staff have designed a massively extraordinary business at CPS, a single that is targeted on delivering quality service to its clients and has an unparalleled status in its neighborhood sector.”