PE Firms Buy UK Water Utility

Cognetas and Englefield Capital, the UK-based private equity firms, announced the joint acquisition of Morrison Utility Services, from Anglian Water Group for 135 mln stg. Cognetas and Englefield Capital will be investing alongside the management team.

Morrison US employs more than 3,300 staff and has turnover of approximately 500 mln stg for the year ended March 2008 with a contracted order book in excess of 1.4 bln stg.

The company, which is headquartered in Stevenage, Hertfordshire focuses on services such as replacement, repair and maintenance for the electricity, gas, telecommunication and water sectors.

Jonathan Mussellwhite, the Cognetas Partner who led the transaction, said: 'We are delighted to have been given the opportunity to partner with the management team of Morrison US to grow and develop the business going forward.'

Cognetas and Englefield Capital were advised by PricewaterhouseCoopers Corporate Finance and DLA Piper.