The deal will see Phoenix’s CEO Lee Compton reinvest alongside H.I.G. and the company’s existing management team will remain in place.

Jim Arnold will join as Chairman, partnering with management and H.I.G. to support Phoenix’s next phase of growth.

Arnold is a former CEO at M Group Services and director at Morrison Utility Services.

In its latest results Phoenix set its sights on a £400m turnover after a jump in profits.

Data Centres continue to represent Phoenix’s largest market sector alonside Commercial, Infrastructure and Life Sciences.

H.I.G said the investment “provides Phoenix ME with the resources to accelerate its growth strategy, further strengthening its position in high-growth sectors while expanding its presence across the UK and Europe. The company intends to build on its strong customer relationships and pursue organic growth opportunities and strategic project procurement.”

Lee Compton, CEO of Phoenix ME, said: “Phoenix ME has a long track record of quality and reliability and is a trusted partner for our sector’s largest and most reputable contractors and end customers. We are excited for the future and believe that by working closely with H.I.G., we can continue to deliver exceptional outcomes for our clients in our fast-growing end-markets.”

John Harper, Managing Director at H.I.G. Capital, added: “Phoenix ME’s end markets will enjoy rapid growth over the coming years. We are excited to partner with the Phoenix ME team to build on their already impressive track record of delivering high-value engineering services on these complex assets.”

Terry Hussey, Board Director at Phoenix ME said: “Our clients will be dealing with the same teams tomorrow as they were yesterday. What changes is what we can take on.

“We started in 1931 as an electrical contractor and now work across the UK and four European countries, and I see no reason to stop there. This gives us the resources and means to commit to larger and more complex programmes than we have ever taken on.”