The law firm continues its longstanding working relationship with the company as CVC looks to expand on the provider’s existing growth journey.
Multinational law firm Pinsent Masons announced yesterday (1 July) its role in advising infrastructure services provider M Group Services on its sale to private equity firm CVC.
The Pinsent Masons team was led by the firm’s London office head and corporate partner Tom Leman, with support from senior associates Emma Dawe and Joshua Willis. The team, alongside their provision of corporate and mergers and acquisitions counsel, offered HR, commercial contract and project management advice to M Group Services to ensure the success of the vendor due diligence process.
“Proud” of his team’s role in advising M Group Services, Leman commented: “We have a longstanding working relationship with M Group Services, from its days as part of Anglian Water all the way through to this sale to CVC. M Group Services’ order book has doubled in size, and it has successfully delivered on a strategy to broaden its service offering and move up the value chain. We look forward to continuing to play a role in driving forward strategic goals that are instrumental to future business growth.”
CVC Fund IX is set to acquire the company from private equity firm PAI Partners, with the transaction expected to close in the third quarter of 2024. CVC will invest out of Fund IX, which closed at EUR 26 billion last year, establishing it as the largest private equity fund to ever be raised. CVC plans to work in collaboration with M Group Services’ management team to enhance organic development and growth and continue to undergo strategic mergers and acquisitions.
Managing partner of CVC and co-head of the firm’s UK team, Dominic Murphy, and CVC partner Tim Gallico, said in a statement that they are “delighted” to provide support to the company’s “management team in this exciting next phase of its growth and development”. They added: M Group Services is a leader in an attractive market growing on the back of structural trends linked to ageing infrastructure, decarbonisation initiatives and technology transitions.”
M Group Services provides infrastructure services across the UK and Ireland to the energy, water, telecommunication and transport sectors. Under PAI Partners’ management, M Group Services underwent significant growth, having seen a doubling of revenue from GBP 1 million in 2018 to over GBP 2 million in 2024. In tandem with the company’s revenue growth, Pinsent Masons has supported M Group Services in the acquisition of 14 businesses since 2018. PAI Partners’ guidance has also strengthened the company’s service offering, enhanced its IT infrastructure and improved its operational processes and functions.
Chief Executive of M Group Services, Andrew Findlay, thanked PAI Partners for “their strong support and commitment to our growth since 2018”. He added: “We are delighted that CVC has decided to support our clear and ambitious plan to continue to grow and deliver at pace, built on our solid market-leading foundations. We look forward to working in partnership with CVC to deliver our future plans. This is great for our people, our clients and their customers.”
PAI Partners partner and UK team lead, Colm O’Sullivan, expressed his gratitude to M Group’s Services’ “management team for the excellent partnership”. He continued: “We are delighted to have supported M Group Services over the last six years and to have guided its transformation into the leading provider of essential infrastructure services in the UK.”
Milbank provided legal guidance to PAI Partners in relation to the acquisition, while Deutsche Bank advised PAI Partners on financial aspects of the transaction, with additional guidance from US multinational investment bank and financial services company Citi. Global independent investment banking firm Evercore provided financial advice to CVC.