Chris Jones, Corporate Finance Partner at Bates Weston comments on the successful sale of CPS Building Services to H.I.G Capital.
Bates Weston Corporate Finance has advised the shareholders of CPS Building Services (CPS) in Cambridgeshire on the sale of the business to global investment fund, H.I.G Capital LLC (H.I.G.). CPS is a leading UK provider of mechanical and electrical (M&E) services. The shareholders included the founder of the business, James Rust, and the current MD, Liam Connelly, who will reinvest alongside H.I.G.. The financial terms of the transaction have not been disclosed.
CPS provides installation and maintenance services across heating, cooling, ventilation and electrical systems to clients in the healthcare, life sciences, defence and education end-markets. The business has developed a strong reputation for high-quality service provision in its East Anglia home market. H.I.G., together with the management team, aims to continue CPS’ track record of organic growth with a particular focus on growing its electrical and maintenance offerings. The existing management team of CPS will remain in place.
H.I.G. intends 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. Several active acquisition discussions are currently underway.
Liam Connelly remarked, “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.”
Chris Jones, Partner at BWCF, said “ CPS has built on its reputation for quality and service across a wide client base. The business has a strong record of growth which the investment by H.I.G. will accelerate through selective acquisitions. This transaction represents the latest private equity platform deal that our firm has advised on and demonstrates the capability within the team.”
About Bates Weston Corporate Finance
BWCF advises clients on transactions including trade sales, management buy outs and acquisitions. Our clients include owner managers, management teams and private equity and investment funds. The firm also supports other accountancy firms in their corporate finance activities. BWCF work for clients across the U.K. with many transactions involving overseas buyers.