Morrison Utility Services sold to First Reserve
Private equity firm First Reserve is to buy utilities infrastructure services provide Morrison Utility Services (MUS) from Bregal Capital and Motion Equity Partners.
22nd July 2016 by Networks
Commenting on the acquisition Alex Krueger, co-chief executive and president of First Reserve, said: “MUS represents an opportunity to invest in a diversified and resilient business which, in our view, is not directly exposed to commodity pricing. We expect the company’s long-term revenue visibility, defensible margins and ability to generate free cash flow will further diversify our private equity portfolio.”
Charles Morrison, chief executive officer at MUS, responded to the development saying that it reflects the significant growth opportunities associated with continued long term investment in UK infrastructure.
He added: “MUS has provided high quality services for over 27 years, whilst developing successful and long term relationships with our clients. As an organisation we pride ourselves on the ability to deliver safety, innovation and a quality service placing our clients’ customers at the heart of our business.”
Morrison also thanked Bregal Capital and Motion Equity Partners for their support since 2008 when the duo purchased MUS from Anglian Water Group. In that time, MUS’s revenues have grown to around £600 million. The firm employs 4,000 direct employees.
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