CVC buys M Group Services

Private equity firm, CVC, has acquired infrastructure services business, M Group Services, for an undisclosed sum.

Luxembourg-based CVC will acquire the business from its current owner, private equity firm, PAI Partners. The transaction is expected to complete in Q3 2024.

M Group Services was formed in 2016 from Morrison Utility Services and employs more than 11,000 people. It operates from over 216 locations throughout the UK.

M Group said it has grown significantly under PAI’s ownership with total revenues up from £1bn in 2018 to more than £2bn today, however its full year results for 2023-24 have yet to be published. It reported that the company has delivered on a strategy to broaden its service offering and move up the value chain and has acquired and integrated 14 complementary businesses since 2018.

While the value of the sale was not disclosed, earlier reports indicated that PAI was asking £1.5bn for M Group.