OMERS’ private equity division agreed to buy British utility services provider Network Plus from management and private equity firm Livingbridge.
As one of the UK’s leading utility and infrastructure service providers, Network Plus partners with blue-chip organisations to maintain and deliver essential services – including water, electricity, gas and telecoms – to homes, businesses, and industry.
The company has its headquarters in Worsley, Greater Manchester with a team of more than 5,000 professionals working from 85 regional offices and depots across the UK.
Jonathan Mussellwhite, senior managing director and OMERS head of European private equity, said: “For the last five years, 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.”
Dan Holland, joint-CEO, Network Plus, said: “OMERS shares 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.”
Simon Jones, director, OMERS Private Equity Europe, said: “As active investors and managers, we have been very impressed with Network Plus’s track record of growth and the speed in which it has established itself as a leader in the critical and resilient UK infrastructure services market.”
OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
To read the latest edition of the latest IPE Real Assets magazine click here.
