Press Release 19th December 2016 - Dyer & Butler announces agreement to be acquired by holding company of First Reserve.
Dyer & Butler, a regional civil engineering and building contractor, today announced that it has entered into an agreement to be acquired by a holding company of First Reserve, a global private equity investment firm with USD $31 billion of aggregate capital raised since inception. In September 2016, this same holding company had acquired Morrison Utility Services, a leading provider of utility infrastructure services in the United Kingdom.
The new ownership and associated company structure is expected to provide Dyer & Butler with broader strengths and expertise, whilst offering greater scale and resources to support continued growth.
Dyer & Butler builds, maintains and renews infrastructure within both the public and private sector, delivering civil engineering, building and M&E projects of all sizes for some of the UK’s largest asset infrastructure companies. The company’s projects are undertaken principally for regulated clients in airports and rail, including long-term framework and partnership contracts with asset owners that include Heathrow Airport Holdings Ltd, Gatwick Airport Ltd, Network Rail, London Underground and Transport for London.
Neil Edwards, Managing Director of Dyer & Butler commented: “This represents an exciting step in our continued development and, with the additional support of First Reserve and our sister company Morrison Utility Services, we have the opportunity to strengthen and accelerate the growth of our business. To this end, I would like to take this opportunity to welcome Jim Arnold (Chief Executive of Morrison Utility Services) to the Dyer & Butler Board.”
Morrison Utility Services Chief Executive Jim Arnold commented: “Dyer & Butler has forged an excellent market reputation for the successful delivery of construction services in regulated, safety critical sectors. Its competent workforce operates across a diverse range of sectors. I’m delighted to welcome Dyer & Butler as a sister company and look forward to working with and supporting the existing team to help grow their business.”
Press contact for Dyer & Butler:
Neil Edwards, Managing Director
Tel: 023 8074 2222
Press contact for Morrison Utility Services:
Paul Gilbert, PR Manager
Tel: +44 (0)1438 847275
Press contact for First Reserve:
Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher
Tel: +1 (212) 355-4449
About Dyer & Butler
Founded in 1979, Dyer & Butler is a regional civil engineering and building contractor with a solid financial and technical base. The company operates in both the public and private sectors and has significant framework and partnership contracts with numerous companies including: Heathrow Airport Holdings, Gatwick Airport, Network Rail, London Underground, Hampshire County Council, Southampton City Council, Rhondda Cynon Taf County Borough Council and the Environment Agency. Headquartered in Southampton, the company has over 600 employees and a turnover in excess of £120m.
For more information, please visit: www.dyerandbutler.co.uk
About Morrison Utility Services
With history dating back to 1884, MUS works with utility asset owners on the maintenance and upgrade of their infrastructure across the UK’s electricity, gas, telecommunications and water sectors. MUS’s vision is to be the leading utility service provider by delivering a cost-effective quality service to its clients and continuously maintaining, renewing and upgrading essential UK utility infrastructure and networks. The company has nearly 4,000 direct employees, with a focus on training and development programs to enhance expertise and dependability.
For more information, please visit: www.morrisonus.com.
About First Reserve
First Reserve is a leading global private equity and infrastructure investment firm exclusively focused on energy, including utilities. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. Putting these to work, First Reserve has completed more than 600 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure.
For more information, please visit: www.firstreserve.com.