Utilities specialist Network Plus sold to private equity

Aaron Morby 2 years ago
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Canadian pension fund manager Omers has struck a deal to buy Manchester-based multi-utility contractor Network Plus.

The fund’s private equity arm Livingbridge sealed the deal yesterday which is rumoured to value the business at around £600m.

Headquartered in Worsley, Network Plus employs a team of more than 5,000 workers out of 85 regional offices and depots across the UK.

Established in 2000, originally under the trading name T&K Gallagher, the business has provided essential infrastructure maintenance, repair and installation services directly for major utility clients like United Utilities, National Grid and Cadent.

Revenue topped £220m last year generating a £25m profit.

Dan Holland, joint-CEO, Network Plus, said: “OMERS share our ambition and vision for the business; delivering essential utility services and playing a leading role in the decarbonisation of the UK.

“They are committed to further developing our core operations and enhancing our expertise in adjacent infrastructure markets, creating new opportunities for our employees and customers.”

Jonathan Mussellwhite, senior managing director and OMERS head of European private equity, said: “For the last five years, Dan Holland and Stuart Fraser, along with the Network Plus management team, have built a market-leading business with a world-class customer-centric reputation, and we are delighted to have the opportunity to partner with them on the next phase of the business’ development.

“As long-term partners with evergreen capital, OMERS is uniquely placed to support the business going forward, not least the role it has to play assisting UK infrastructure with the significant investment required across energy transition, decarbonisation and sustainability.”

Last week another well-known North West utilities contractor OCU Group was snapped up by private equity group Triton Partners in a deal rumoured to be worth nearly £400m.

Founded in 1994 by brothers Tim and Tom O’Connor, OCU is the holding company for O’Connor Utilities and Instalcom which also operate within regulated infrastructure markets, including electricity, rail, water, gas and telecoms.

 

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