CVC agrees to acquire M Group Services from PAI Partners (2024)

CVC, one of the world's leading private equity firms, is pleased to announce the acquisition of M Group Services, the UK’s largest provider of essential infrastructure services and solutions. CVC Fund IX will acquire the business from PAI Partners, a pre-eminent private equity firm. The transaction is expected to complete in Q3 2024.

Headquartered in the UK, M Group Services, which supports and partners with major essential infrastructure providers in water, energy, telecom and transport by providing recurring repair and maintenance services, was formed in 2016 from Morrison Utility Services. The business has over 100 years of heritage, employs more than 11,000 people and operates from over 216 locations nationwide.

The business has scaled significantly under PAI’s ownership: total revenues have increased from £1 billion in 2018 to over £2 billion today, the order book has doubled in size, and the company has successfully delivered on a strategy to broaden its service offering and move up the value chain. In support of this strategy, the Group has acquired and successfully integrated 14 complementary businesses since 2018.

Leveraging PAI’s deep sector expertise in Business Services, the Group has also benefitted from extensive investment to strengthen its platform, improving operational functions and processes, enhancing its IT infrastructure and advancing its sustainability credentials, which are consistently recognised as industry leading. The success of this strategy has led to a more diversified and resilient business model, deeper client relationships and a strong platform from which M Group Services can continue to grow with the support of its new owners.

CVC agrees to acquire M Group Services from PAI Partners (1)

M Group Services is a leader in an attractive market growing on the back of structural trends linked to ageing infrastructure, decarbonisation initiatives and technology transitions.

Dominic Murphy and Tim Gallico, CVC

CVC is investing out of Fund IX, its most recent fund that closed at €26 billion in 2023, becoming the largest private equity fund ever raised, and brings substantial experience of investing in and growing UK businesses. CVC will work closely with M Group Services’ management team to accelerate its organic growth and development in this next phase, complemented by further strategic value-enhancing M&A. Recognising the long-term relationships with clients, employees and suppliers that underpin M Group Services’ successful track record, CVC is committed to upholding the Group’s commitment to safety, client-focused delivery, sustainability and innovation.

Andrew Findlay, Chief Executive of M Group Services, said: “We would like to thank PAI Partners for their strong support and commitment to our growth since 2018. We are delighted that CVC has decided to support our clear and ambitious plan to continue to grow and deliver at pace, built on our solid market-leading foundations. We look forward to working in partnership with CVC to deliver our future plans. This is great for our people, our clients and their customers.”

Dominic Murphy, Managing Partner and Co-Head of the UK Team at CVC and Tim Gallico, Partner at CVC, said: “M Group Services is a leader in an attractive market growing on the back of structural trends linked to ageing infrastructure, decarbonisation initiatives and technology transitions. We are delighted to support its management team in this exciting next phase of its growth and development.”

Colm O’Sullivan, Partner & Head of the UK Team at PAI, said: “We are delighted to have supported M Group Services over the last six years and to have guided its transformation into the leading provider of essential infrastructure services in the UK – a classic example of PAI investing in the Real Economy. Thank you to the Group’s management team for the excellent partnership. With a well-invested platform, extensive service offering and clear leadership in sustainability, M Group Services is well placed to continue its successful journey in the years ahead.”

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CVC agrees to acquire M Group Services from PAI Partners (2024)


CVC agrees to acquire M Group Services from PAI Partners? ›


CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European and Asian private equity, secondaries, credit funds and infrastructure. › wiki › CVC_Capital_Partners
is buying the business from fellow buyout firm PAI Partners. It's investing in M Group out of Fund IX, which closed at €26 billion ($28 billion) last year. M Group provides services including design, installation and maintenance to the water, energy, transport and telecommunications sectors in the UK and Ireland.

Who is behind CVC Capital Partners? ›

In 1993, Smith and the senior investment professionals of Citicorp Venture Capital negotiated a spinoff from Citibank to form an independent private equity firm, CVC Capital Partners.

What does CVC group stand for? ›

August 2022. Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies.

How big is the CVC Partners fund? ›

CVC Capital Partners has raised €26 billion ($29.2 billion) for the world's biggest-ever buyout fund, defying a challenging fundraising environment.

How many partners does CVC have? ›

The CVC team

CVC's 41 Managing Partners have an average tenure of 16 years with CVC.

Is CVC Capital Partners good? ›

CVC Capital Partners has an employee rating of 4.1 out of 5 stars, based on 54 company reviews on Glassdoor which indicates that most employees have an excellent working experience there.

Is CVC Capital Partners going public? ›

In the latest public offering amid a boom in European IPOs, private equity firm CVC Capital Partners went public on the Euronext Amsterdam on Friday at a price of $15 (€14) per share, valuing the company at $15 billion. The firm's shares quickly rose, trading at nearly $19 as of 8 am Eastern time.

Is CVC part of Citigroup? ›

CVC traces its origins to a London-based arm of Citigroup's venture capital unit, which spun out of the Wall Street firm in 1993 through a management buyout to become a standalone business.

Who are the founders of CVC? ›

Co-founder Rolly van Rappard, 64, who will serve as CVC's chair, holds shares worth about €950m, while his fellow co-founder Steve Koltes, 68, has shares worth about €600m. The three men's combined shares could be worth more than €2.6bn.

What is the net worth of CVC Capital Partners? ›

CVC Capital Partners net worth

They raised their inaugural $630 million fund in 1996 and shifted their focus to private equity. Since then, CVC has grown significantly and now manages $198 billion in assets under management.

How many employees does CVC Capital Partners have? ›

A dedicated team. CVC is a global network of over 1100 people, working in 29 office locations around the world. It is a diverse, team-based environment, with opportunities to expand knowledge and expertise by moving across investment strategies, markets and geographies.

What is the largest fund ever sold to CVC? ›

CVC Capital Partners has hit a €26 billion (around $29 billion) final close on its European and Americas Fund IX within six months of launching, making it the largest private equity buyout fund on record.

Is CVC a buyout fund? ›

Still, CVC has had more success than its peers in this regard. It raised €26 billion last year for the world's biggest-ever buyout fund and has been diversifying its business into new areas including infrastructure and so-called secondaries, or existing portfolios of private equity fund holdings.

Is CVC a private equity firm? ›

CVC Capital Partners, one of Europe's largest private equity groups, has announced plans to raise more than €1.25bn (£1.1bn) in an initial public offering in Amsterdam.

Where is CVC Capital Partners headquarters? ›

CVC Capital Partners (Luxembourg) | World Economic Forum.

Who are the competitors of CVC? ›

CVC's primary competitors are BC Partners, Carlyle, Advent International and 8 more.

Who owns Partners Capital? ›

The principal owner of Partners Capital is Stan Burton Miranda (Chief Executive Officer).

Who is the owner of GT CVC Capital Partners? ›

In 2021, GT was among the franchises put up for auction, attracting bids from various companies. Ultimately, CVC Capital Partners secured the rights with a bid of Rs 5,625 crores (US$700 million). As of 2022, the Gujarat Titans are ranked as the tenth most valuable IPL team, with an estimated value of $850 million.

Who is the owner of CCV capital? ›

CCV Capital is a leading venture capital focusing on early-stage investments in artificial intelligence, robotics, autonomous driving and greentech. Founded by former KPCB China Managing Partner Wei Zhou and the original technology investment team at KPCB, CCV manages 750 million USD and 2.5 billion RMB.

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