UK-based infrastructure services provider M Group Services is set to switch private equity owners, after First Reserve agreed last Friday to sell the company to PAI Partners, subject to European antitrust approval.
M Group Services evolved out of Morrison Utility Services, which was bought by First Reserve in September 2016 for £76 million. Since then, it has bolted on repair and maintenance company Dyer & Butler (for £29 million) and metering services business G4S Utility & Outsourcing Services (for £52 million), rebranding the latter as Morrison Data Services. In May 2017, the group added water data collection specialist Meter-U for £20.7 million.
Pro forma group EBITDA for the year ended 31 March 2017 was £50.5 million on revenues of £890 million, more than a third of which is understood to come from the water sector, where M Group Services has multi-year framework contracts with Thames Water, Yorkshire Water, Severn Trent and Affinity Water.