The deal stays subject to regulatory approval and the firms did not disclose terms
A Canadian institutional investor is cashing out of UK infrastructure.
Warburg Pincus has agreed to buy Network Plus, a UK utility and infrastructure service provider, from OMERS Private Equity and other shareholders, the firm said in a statement.
Michael Block, head of private capital at OMERS, said Network Plus has "grown and strengthened under Kevin Fowlie's leadership" since OMERS invested.
The company plays an important role for the communities it serves, he said, and stands "well positioned for its next chapter."
The release did not disclose financial terms.
The transaction remains subject to regulatory approval, and Network Plus' leadership team and branding will stay in place after completion.
Network Plus, founded in 2000 and headquartered in Worsley, Greater Manchester, provides maintenance and operational services across the water, wastewater, gas, power and wider infrastructure sectors.
The company works with UK utility providers to meet investment and performance targets.
Warburg Pincus has invested in Europe for more than 40 years, with holdings across business services, financial services, technology, industrials and healthcare.
Kevin Fowlie, chief executive officer of Network Plus, said the OMERS partnership strengthened operations and deepened client relationships "to build real momentum across the business."
That chapter has reached "its successful conclusion," he said, and the company is excited for what comes next.
