Private equity firm buys 4,000-strong contractor
Morrison Utility Services has been snapped up by US private equity firm First Reserve for an undisclosed sum.
The £600m-turnover, 4,000-strong firm will be taken over in November, subject to European Commission antitrust approval.
Jeff Quake and Neil Hartley, managing directors at First Reserve, said: “We believe MUS’s experienced team has demonstrated an excellent track record of providing best-in-class service with strong alignment to the needs of their customers.
“We are pleased to continue our model of partnering with what we believe are industry-leading management teams worldwide, and we look forward to supporting the company through a new phase of growth.”
Charles Morrison, chief executive at Morrison Utility Services, said: “The growth opportunities in our markets are significant on the back of continued long term investment in the UK’s infrastructure.”