Announcement marks OMERS Private Equity’s entrance into the UK’s critical utility/infrastructure repair and maintenance sector, with significant tailwinds from required investment in energy transition and decarbonisation
LONDON, July 11, 2022 (GLOBE NEWSWIRE) -- OMERS Private Equity announced today that it has entered into an agreement with management shareholders and Livingbridge to acquire Network Plus (the “Company”), a leading utility and infrastructure repair and maintenance service provider in the UK. OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
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 is headquartered 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, Dan Holland and Stuart Fraser, along with 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 share 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. We look forward to working alongside Jonathan, Simon and the wider team.”
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. We are excited, not only by the significant whitespace remaining in core markets, but also by opportunities to expand into adjacent sectors with the same need for recurring repair, maintenance and investment services and where customer safety and service are paramount. With OMERS deep experience in bolt-ons and strategic acquisitions, as well as substantial capital to deploy, we are well positioned to support the Company’s strategy.”
About OMERS Private Equity:
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$121 billion in net assets as at December 31, 2021, including approximately C$19.6 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore, OMERS Private Equity invests across Industrials, Healthcare, Business Services and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. www.omersprivateequity.com
About Network Plus:
Network Plus is a leading utility and infrastructure service provider. Every day, the company safely maintains, constructs and delivers essential services to millions of customers across the UK. Network Plus works across the water, wastewater, gas, power, telecoms, transportation and infrastructure sectors. With a workforce of over 5,000 resources operating out of 85 regional offices and depots, the company covers a broad geographical base. The Group business has undergone rapid expansion, following the award of significant long-term contracts with major UK utility and infrastructure organisations. With its considerable track record of delivering essential services for clients, the Group is proud to be an industry leader.
OMERS Contact:
Sophia Johnston
FGS Global
OMERS-UK@fgsglobal.com
+44 207 251 38 01
Olga Petrycki
opetrycki@omers.com
647 407 1637
