Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce that it has provided a financing package to support H.I.G. Capital (“H.I.G.”) in the acquisition of CPS Building Services Limited (“CPS” or “the Company”) from its founder.
CPS provides installation and maintenance services across heating, cooling, ventilation and electrical systems to clients in the healthcare, life sciences, defence and education end-markets. The business has developed a strong reputation for high-quality service provision in its East Anglia home market. H.I.G., together with the management team, aims to continue CPS’ track record of organic growth with a particular focus on growing its electrical and maintenance offerings. The existing management team will remain in place at CPS.
Kartesia has supported H.I.G. with a Unitranche loan to finance the acquisition of the Company, alongside further undrawn facilities. It marks another transaction for the firm in the growing UK property services market, with capital for this investment provided by Kartesia Senior Opportunities (“KSO”) Funds I & II. The deal team at Kartesia comprised Nick Holman, George Simpson and Ana García Vivancos.
Nick Holman, Director at Kartesia, said: “We are excited to support H.I.G. Capital, one of the world’s leading mid-market sponsors, in this transaction. CPS has a strong reputation in the UK market and the additional firepower provided through this investment will allow the business to deliver further organic growth, and to execute on an exciting pipeline of attractive M&A opportunities as it continues to expand. We have confidence in the resilience of the UK property services market and look forward to working closely with both the existing management team and H.I.G. Capital to support the continued growth and success of CPS.”