Contractor firm Morrison Utility Services is under new ownership having transferred from one group of financial investors to another.
Private equity and infrastructure investment firm First Reserve, which is focused exclusively on energy and utilities, has secured a deal to take over the company from Bregal Capital and Motion Equity Partners.
The deal is expected to be sealed by November this year, although the transaction is subject to approval from the European Commission antitrust.
In March 2008, MUS was acquired by Motion Equity Partners and Bregal Capital from Anglian Water Group, investing alongside company management.
MUS directly employs almost 4,000 people and is one of the UK’s biggest infrastructure service providers to utilities, operating in the telecommunications, water, gas and electricity sectors.
Charles Morrison, Chief Executive, said that MUS has provided high quality services for almost 30 years, developing successful and long term relationships with their clients in the process.
Morrison commented: “As an organisation we pride ourselves on the ability to deliver safety, innovation and a quality service placing our clients’ customers at the heart of our business.
“The growth opportunities in our markets are significant on the back of continued long term investment in the UK’s infrastructure.”
Morrison added thanks to Motion Equity Partners and Bregal Capital for the excellent support they have provided to the company for the last eight year and that they are now looking forward to a strong working relationship with First Reserve as the firm continues to grow.
Managing Partner of Motion Equity Partners, Patrick Eisenchteter, and Managing Partner of Bregal Capital, Edmund Lazarus, commented: “It has been a pleasure supporting Charles and the team at MUS. Since our investment in the company, the team has achieved a huge amount, established the business as a utility market leader in all its key sectors and successfully grown revenues to over £600 million.”