Cambridgeshire M&E contractor CPS Building Services has been bought by US private equity group H.I.G. Capital,.
CPS managing director Liam Connelly will reinvest alongside H.I.G. in the £25m revenue specialist which instals and maintains heating, cooling, ventilation and electrical systems for healthcare, life sciences, defence and education clients
H.I.G. said it intended to use 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.
H.I.G. is partnering in this effort with Jonathan Simpson-Dent who will take the role of executive chairman of the group. Several active acquisition discussions are currently underway.
Liam Connelly said: “This is an exciting new chapter and testament to the commitment of the team to 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 look forward to working with the Company to acquire additional technical building services offerings to complement CPS by leveraging H.I.G.’s deep M&A expertise.”