Private equity firm CVC has acquired M Group Services, the United Kingdom’s largest provider of essential infrastructure services and solutions, from PAI Partners, a private equity firm.
Financial terms were not disclosed; however, CVC said the transaction was made via its CVC Fund IX fund, which closed at €26 billion ($28 billion) in 2023, making it the largest private equity fund ever raised.
M Group Services, formed in 2016 from Morrison Utility Services, supports and partners with major essential infrastructure providers in water, energy, telecommunications and transportation by providing recurring repair and maintenance services. The business has more than 100 years of heritage and operates from more than 230 locations nationwide.
Under PAI’s ownership, the business has scaled significantly, with revenues increasing from £1 billion ($1.2 billion) in 2018 to more than £2 billion ($2.5 billion) at present. The order book also has doubled in size, and
