Milbank LLP has advised PAI Partners on the sale of M Group Services to CVC. Headquartered in the UK, M Group Services, which supports and partners with major essential infrastructure providers in water, energy, telecom and transport by providing recurring repair and maintenance services, was formed in 2016 from Morrison Utility Services. The business has over 100 years of heritage, employs more than 11,000 people and operates from over 216 locations nationwide. The business has scaled significantly under PAI’s ownership: total revenues have increased from £1 billion in 2018 to over £2 billion today, the order book has doubled in size, and the company has successfully delivered on a strategy to broaden its service offering and move up the value chain. In support of this strategy, the Group has acquired and successfully integrated 14 complementary businesses since 2018. CVC is investing out of Fund IX, its most recent fund that closed at €26 billion in 2023, becoming the largest private equity fund ever raised, and brings substantial experience of investing in and growing UK businesses. The Milbank team was led by partners Jordan Simpson and Lara Watt (both Corporate/M&A) and included associates Adam Chang, Jamie Duncan, Aoibheann Harkin, Catriona Mather and Lisa McKeown (all Corporate/M&A). Specialist input was provided by partners Paul Buchan and James McClymont (both Corporate/M&A), alongside partner Ajal Notowicz and associate Charl Van der Merwe (both Antitrust).