- OMERS Private Equity has entered into an agreement with management shareholders and Livingbridge, which has been an investor in Network Plus since 2020
- The deal represents OMERS Private Equity’s entrance into the UK’s critical utility and infrastructure repair and maintenance sector
- OMERS Private Equity will support Network Plus in further developing its core operations and enhancing its expertise in adjacent infrastructure markets
OMERS Private Equity on Monday entered into an agreement with management shareholders and Livingbridge to buy Network Plus. Network Plus is a Manchester, UK-based utility and infrastructure repair and maintenance service provider.
Network Plus, which has had backing from UK mid-market private equity firm Livingbridge since 2020, employs over 5,000 people across 85 offices and depots in the UK. It works with blue chip organisations to maintain and deliver essential services including water, gas, electricity and telecoms.
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans. As of December 31, 2021 it was managing $93.4 billion of assets. It has teams globally and invests across sectors including industrials, healthcare, business services and technology. It is headquartered in Toronto.
“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,” said Jonathan Mussellwhite, senior managing director and OMERS head of European private equity. “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.”
“OMERS share our ambition and vision for the business; delivering essential utility services and playing a leading role in the decarbonisation of the UK,” said Dan Holland, joint-CEO, Network Plus. “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.”
“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,” adds Simon Jones, director, OMERS Private Equity Europe. “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.”