The deal will see Phoenix’s CEO Lee Compton reinvest alongside H.I.G., while the company’s existing management team will remain in place to lead the business through its next phase of growth.
Jim Arnold will join Phoenix as Chairman, working with the management team and H.I.G. to support the company’s continued expansion. Arnold previously served as CEO of M Group Services and held a director position at Morrison Utility Services.
Phoenix recently outlined ambitious growth plans after reporting a strong increase in profits, with the business targeting annual turnover of £400 million.
Data centres remain Phoenix’s largest market sector, alongside other key areas including commercial, infrastructure and life sciences projects.
H.I.G said the investment “provides Phoenix ME with the resources to accelerate its growth strategy, further strengthening its position in high-growth sectors while expanding its presence across the UK and Europe. The company intends to build on its strong customer relationships and pursue organic growth opportunities and strategic project procurement.”
Lee Compton, CEO of Phoenix ME, said: “Phoenix ME has a long track record of quality and reliability and is a trusted partner for our sector’s largest and most reputable contractors and end customers. We are excited for the future and believe that by working closely with H.I.G., we can continue to deliver exceptional outcomes for our clients in our fast-growing end-markets.”
John Harper, Managing Director at H.I.G. Capital, added: “Phoenix ME’s end markets will enjoy rapid growth over the coming years. We are excited to partner with the Phoenix ME team to build on their already impressive track record of delivering high-value engineering services on these complex assets.”
Terry Hussey, Board Director at Phoenix ME said: “Our clients will be dealing with the same teams tomorrow as they were yesterday. What changes is what we can take on.
“We started in 1931 as an electrical contractor and now work across the UK and four European countries, and I see no reason to stop there. This gives us the resources and means to commit to larger and more complex programmes than we have ever taken on.”
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