MBO of Morrison Utility Services
Jamieson Corporate Finance has advised the incumbent management team of Morrison Utility Services on their £135m Management Buyout backed by Cognetas and Englefield Capital.
Morrison is one of the
The current management team have overseen a period of rapid growth, with the business reporting turnover of approximately £500m for the year ended March 2008. This growth has been underpinned by an industry-leading record on safety leading to high levels of client retention.
Following the decision by Anglian Water Group Ltd, Morrison’s former parent, to divest the business in late 2007, Jamieson Corporate Finance worked with the management team to structure their participation in a private equity-backed acquisition. Matt Robertson of Jamieson Corporate Finance commented, “Charles Morrison and the experienced senior management team have an impressive track record in a utility contracting sector that continues to exhibit attractive growth prospects. We are delighted to have helped the team structure a deal with financing partners who will enable the business to capitalise upon these opportunities.”