HIG Capital has bought a UK heating, cooling and ventilation services specialist in a bid to extend the company’s expertise with new acquisitions
Electrical and air conditioning systems specialist CPS Building Services has been acquired by HIG Capital as the group seeks to strengthen its expertise in the sector.
HIG Capital, which describes itself as a private equity group with US$50bn (£43.5bn) in equity, has invested in the HVAC supply chain in recent years. Last year it secured some 350 branches of British plumbing and heating distribution brand Travis Perkins.
The private equity group announced this month that it has now acquired mechanical and electrical (M&E) services company CPS Building Services from founder James Rust for an undisclosed amount.
CPS offers installation and maintenance services related to heating, cooling and ventilation systems. The company has expertise in the healthcare, life sciences, defense and education sectors.
Liam Connelly, the company’s current managing director, is expected to reinvest in the company alongside financing provided by HIG Capital. The company’s existing management team is also expected to remain in place as part of the deal.
HIG Capital said it expects to focus on growing the company’s maintenance and electrical services. It will also seek to build the CPS brand to be at the heart of an expanded building services specialist that would offer more services through the acquisition of businesses already working in fire protection, water and pumps. and other related specialties such as elevator maintenance. .
Discussions about acquiring additional businesses were underway with Jonathan Simpson-Dent, who will serve as executive chairman of the new CPS company.
Liam Connelly of CPS said the works would further strengthen the company’s expertise in providing vital construction services to customers.
Jonathan Simpson-Dent added that he would work with Mr Connelly on expanding the business through mergers and acquisitions aimed at creating a single supplier capable of offering a range of technical construction services.
He added: “Liam and his team have built a hugely impressive business at CPS that is focused on providing quality service to its customers and has an unrivaled reputation in its local market.”