Squire Patton Boggs has advised H.I.G. Capital, LLC, a leading global alternative investment firm with over $50 billion of equity capital under management, on the acquisition by one of its affiliates of CPS Building Services Limited, a leading UK provider of mechanical and electrical (M&E) services, from its founder. CPS’ current MD, Liam Connelly, will reinvest alongside H.I.G. The financial terms of the transaction have not been disclosed.
The Squire Patton Boggs private equity team advised H.I.G. on this transaction and was led by partners Charles Leeming, Ben Squires and Paul Mann.
CPS Building Services is a dynamic and innovative M&E services contractor based in Cambridgeshire. 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. 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.
“We’re delighted to have assisted H.I.G. on this transaction which will open up a new phase of development and growth for CPS, as the business expands technical building services offerings,” said Partner Charles Leeming.
Paul Mann, head of European Private Equity, added, “The private equity team here has extensive experience supporting investors in acquisitions and buyouts across a wide range of sectors. We’re pleased to have had the opportunity to support H.I.G. on this significant transaction in the UK.”