G4S has completed the sale of G4S Utility Services, a major provider of energy metering and outsourcing services in the UK, to a holding company of First Reserve, a global private equity investment firm, for £52m.
The holding company also owns Morrison Utility Services, a leading provider of utility infrastructure services in the United Kingdom, and Dyer & Butler, a specialist construction contractor that operates in markets that include rail and airports.
With a nationwide footprint, the G4S Utility & Outsourcing Services portfolio principally includes; data collection and meter reading; technical energy metering services; meter installation and first-line maintenance; and data process management services.
The acquisition will also include G4S Locks and Alarms and G4S Assessment Services.
Following completion of the acquisition, G4S Utility & Outsourcing Services will be rebranded as Morrison Data Services and the other associated businesses will become M Assessment Services, LRP Services and ProtectMyProperty.
Simon Best, managing director of Morrison Data Services, said: “We have a proven track record of delivery for our clients in the markets in which we operate and, with a multi skilled workforce and diverse portfolio of services, we are well positioned to help energy suppliers manage a changing and ever growing smart metering market.
“We believe that this acquisition will help us to further diversify using our core competencies.
“Our belief is that the additional support of First Reserve and our sister company Morrison Utility Services will offer the complementary strengths, knowledge and expertise to accelerate the growth of our business. I would like to take this opportunity to welcome Jim Arnold, chief executive of Morrison Utility Services, to the board of Morrison Data Services.”
Arnold said: “Competition for metering and outsourcing is strong and G4S Utility Services’ strong market position, combined with our broad client portfolio and infrastructure construction expertise, will offer our clients a number of new value add services. We are excited by the new market opportunities that this acquisition will bring.”