Existing owner PAI Partners will sell the business, formerly called Morrison Utility Services, to CVC Fund IX in a deal expected to complete this autumn.

CVC said it aimed to work closely with M Group Services’ management team to accelerate its organic growth, complemented by further strategic acquisitions.

Under PAI’s ownership M Group’s revenues rose from £1bn in 2018 to over £2bn.

M Group’s order book has also doubled in size, and the group has sought to broaden its service offering and move up the value chain.

This has seen the group bolt-on 14 additional businesses since 2018.

Andrew Findlay, chief executive of M Group Services, said: “We would like to thank PAI Partners for their strong support and commitment to our growth since 2018.

“We are delighted that CVC has decided to support our clear and ambitious plan to continue to grow and deliver at pace, built on our solid market-leading foundations. We look forward to working in partnership with CVC to deliver our future plans. This is great for our people, our clients and their customers.”

Dominic Murphy, Managing Partner and Co-Head of the UK Team at CVC and Tim Gallico, Partner at CVC, said: “M Group Services is a leader in an attractive market growing on the back of  structural trends linked to ageing infrastructure, decarbonisation initiatives and  technology transitions. We are delighted to support its management team in this exciting next phase of its growth and development.”