The new owner plans to use CPS as a launch pad for acquisitions in the building services sector.
“Several active acquisition discussions are currently underway,” HIG said.
CPS, formerly Cambridge Piped Services, provides installation and maintenance services across heating, cooling, ventilation and electrical systems to clients in the healthcare, life sciences, defence and education end-markets. The existing management team of CPS will remain in place.
CPS founder James Rust has sold his stake in the business but managing director Liam Connelly is investing alongside HIG. The financial terms of the transaction have not been disclosed.
In the year to January 2021 CPS turned over £24.6m and made a pre-tax profit of £4.1m.
HIG said that it intends to use CPS to form the core of a wider technical building services group by acquiring businesses active in fire protection, water and pumps, lifts maintenance, access and security, and associated compliance services.
CPS managing director Liam Connelly said: “This is an exciting new chapter and testament to the commitment of the team to serving our clients and building the CPS business. Together with HIG, our joint vision will create a unique range of essential building services and expertise that will benefit our clients.”
Jonathan Simpson-Dent, a PwC/McKinsey alumnus put in by HIG as executive chairman of CPS, said: “Liam and his team have built a very impressive business at CPS, one that is focused on delivering quality service to its customers and has an unparalleled reputation in its local market. I’m excited to be working with Liam on the next phase of growth at CPS and driving expansion into associated service lines through M&A to create a one-stop shop for customers of technical building services.”
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