Key Takeaways
- • Warburg Pincus has entered into an agreement to acquire Network Plus from OMERS Private Equity, marking an exit for the Canadian pension fund after acquiring the utility services provider in July 2022.
- • Network Plus is a leading UK utility and infrastructure service provider with over 5,000 employees operating across 85 regional offices, serving the water, wastewater, gas, power, telecoms, transportation, and infrastructure sectors.
- • DC Advisory advised OMERS on the sale process, providing M&A advisory, due diligence, valuation support, and strategic guidance; A&O Shearman and Paul, Weiss advised on legal and financing aspects respectively.
- • Kirkland & Ellis represented Warburg Pincus on the acquisition, with the transaction subject to customary closing conditions and regulatory approval.
- • The deal demonstrates continued private equity interest in UK utility and infrastructure services, a sector experiencing consolidation and long-term contract expansion.
Summary
Warburg Pincus has agreed to acquire Network Plus, a leading UK utility and infrastructure services provider, from OMERS Private Equity. This transaction represents an exit for OMERS approximately four years after the Canadian pension fund's initial acquisition of Network Plus in July 2022. The sale highlights sustained institutional appetite for essential infrastructure assets in the UK market.
Network Plus operates across critical utility sectors including water, wastewater, gas, power, telecommunications, transportation, and broader infrastructure services. The company maintains and constructs essential services for millions of UK customers, supported by a workforce exceeding 5,000 employees distributed across 85 regional offices and depots nationwide. The business has experienced rapid expansion, driven by the award of significant long-term contracts with major UK utility and infrastructure organizations.
DC Advisory provided comprehensive M&A advisory services to OMERS throughout the sale process, including due diligence, financial modeling, valuation support, and strategic process guidance. Additional legal advisors included A&O Shearman, which advised OMERS on the transaction, while Kirkland & Ellis represented Warburg Pincus. Paul, Weiss provided financing advisory to Warburg Pincus on the acquisition structure. The transaction remains subject to customary closing conditions and regulatory approvals.
The incumbent management team is expected to remain in place to drive Network Plus's next growth phase. Warburg Pincus's acquisition signals confidence in the company's growth trajectory and the broader UK utility services market. The deal reinforces DC Advisory's established track record in advising on infrastructure services sector transactions.
Network Plus operates across critical utility sectors including water, wastewater, gas, power, telecommunications, transportation, and broader infrastructure services. The company maintains and constructs essential services for millions of UK customers, supported by a workforce exceeding 5,000 employees distributed across 85 regional offices and depots nationwide. The business has experienced rapid expansion, driven by the award of significant long-term contracts with major UK utility and infrastructure organizations.
DC Advisory provided comprehensive M&A advisory services to OMERS throughout the sale process, including due diligence, financial modeling, valuation support, and strategic process guidance. Additional legal advisors included A&O Shearman, which advised OMERS on the transaction, while Kirkland & Ellis represented Warburg Pincus. Paul, Weiss provided financing advisory to Warburg Pincus on the acquisition structure. The transaction remains subject to customary closing conditions and regulatory approvals.
The incumbent management team is expected to remain in place to drive Network Plus's next growth phase. Warburg Pincus's acquisition signals confidence in the company's growth trajectory and the broader UK utility services market. The deal reinforces DC Advisory's established track record in advising on infrastructure services sector transactions.
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