PAI's M Group makes triple bolt-on

The deals see the business acquire Industrial Water Jetting Systems (IWJS), Avonline Networks and Tomato Plant Company (TPC).

It comes 11 months after PAI acquired M Group in a tertiary buyout from US-based energy-focused GP First Reserve, and brings the total number of bolt-ons made by the company in the last two years to eight.

Following the transaction, IWJS and Avonline will continue to operate under their existing brands in M Group's utilities and telecommunications divisions respectively. TPC will be rebranded as IWJS Specialist Services, broadening the division's service range into the lining, sewer cleaning and maintenance spaces.

The GP is invested in M Group via its buyout fund, PAI Europe VI, which held a final close on €3.3bn in March 2015.

Companies
Bury St Edmunds-headquartered IWJS and Beaconsfield-based TPC, founded in 1977 and 2010 respectively, provide wastewater network services to the utility, transport, industrial and environmental sectors.

Avonline was founded in 1981 and is headquartered in Bristol. It carries out telecommunications building and installation works on behalf of network providers and local authorities.

People
PAI Partners – Colm O' Sullivan (partner).
M Group Services – Jim Arnold (CEO).

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