For customers in the healthcare, life sciences, defence, and education end-markets, CPS—formerly Cambridge Piped Services—offers installation and maintenance services for heating, cooling, ventilation, and electrical systems. The new owner intends to use CPS as a springboard for building services industry acquisitions. The current CPS management group will continue in its position.
According to HIG, several active acquisition conversations are going on right now.
By acquiring companies involved in fire protection, water and pumps, lift maintenance, access and security, and related compliance services, HIG stated that it intended to use CPS to create the foundation of a larger technical building services group. Although managing director Liam Connelly is investing with HIG, CPS founder James Rust has surrendered his ownership interest in the company. The transaction’s financial details have not been made public. CPS had revenue of £24.6 million and a pre-tax profit of £4.1 million in the year ending in January 2021.
“This is an exciting new chapter and tribute to the commitment of the team to servicing our clients and growing the CPS business,” CPS managing director Liam Connelly said. Our shared goal with HIG will produce a unique selection of important building services and knowledge for the benefit of our clients.