M&E specialist CPS Building Services acquired by private equity group
H.I.G. Capital has bought UK-based heating, cooling and ventilation services specialist with aims to expand company’s expertise with further acquisitions
HVAC and electrical systems specialist CPS Building Services has been acquired by H.I.G. Capital as the group looks to bolster its expertise in the sector.
H.I.G. Capital, which describes itself as a private equity group with US$50bn (£43.5bn) in equity, has in recent years been investing in the HVAC supply chain. It last year obtained some 350 branches of UK plumbing and heating distribution brand Travis Perkins.
The private equity group has this month announced that it has now acquired the mechanical and electrical (M&E) services company CPS Building Services from founder James Rust for an undisclosed fee.
CPS offer installation and maintenance services linked to heating, cooling and ventilation systems. The company has expertise in working across healthcare, life sciences, defence and the education sectors.
Liam Connelly, the current managing director of the company, is expected to reinvest in the company alongside the funding provided by H.I.G. Capital. The company’s existing management team are also expected to remain in place as part of the deal.
H.I.G. Capital said it expected to focus on growing the company’s maintenance and electrical services. It will also look to build the CPS brand to be at the heart of an expanded building services specialist that would offer a wider number of services through the acquisition of businesses already working on fire protection, water and pumps and other related specialisms such as lifts maintenance.
Discussions on acquiring additional businesses were now underway with Jonathan Simpson-Dent, who will serve as the executive chairman of the new CPS company.
CPS’ Liam Connelly said that the work would further build up the company’s expertise in delivering vital building services to customers.
Jonathan Simpson-Dent added that he would be working with Mr Connelly on expanding the company through mergers and acquisitions intended to create a single provider that can offer a range of technical building services.
He added, “Liam and his team have built a hugely impressive business at CPS, one that is focused on delivering quality service to its customers and has an unparalleled reputation in its local market.”