Universal Plant Services ("UPS") is a leading provider of maintenance, repair, and overhaul services on mission-critical industrial equipment located within US refinery, petrochemical, and midstream end markets.
MML met the Jones family and UPS team in 2016 through an off-market introduction. We loved the business, as it was a leader in an attractive market in which we had previously invested in successfully, and it benefited from high quality earnings underpinned by recurring maintenance contracts. The Jones family was looking for a genuine partner that could support UPS on the execution of its inorganic growth initiatives whilst providing a bespoke capital solution to facilitate a partial shareholder liquidity event for its owner-managers.
During our investment period, UPS successfully executed on its organic expansion plans, growing its wallet and market share through expanding its service offering and its geographical reach. UPS also completed two strategic acquisitions – NRG Engine Services and Houston Controls. In 2019, we successfully exited our investment in UPS to a US-based private equity investor.
For investors in MML Fund VI, MML Ireland I & MML Ireland II
For investors in MML Fund VII