“Universal Plant Services is grateful to MML who has been a trusted partner since 2016 and supported our management team over the past four years.”

Stewart Jones, Co-CEO, Universal Plant Services

Universal Plant Services

universalplantservices.co.uk/
Partial shareholder liquidity event and support of future growth opportunities.

The business

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.

The deal

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.

The exit

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.

Fund
Partnership
Region
US
Deal Status
Realised
Sector
Industrials

Related news

MML exits Universal Plant Services
Jones Industrial Holdings, Inc. (“JIH”), the parent company of Universal Plant Services and its affiliates (“UPS” or the Company), announced today that funds managed by Oaktree Capital Management, LP (“Oaktree”), a leader among global investment managers, have completed a non-controlling investment in JIH. The proceeds were used to purchase a minority investment previously held by MML Capital Partners and to provide the Company with capital for further growth. Additional terms of the transaction were not disclosed.
MML completes investment in Universal Plant Services
MML Capital Partners (“MML”) is pleased to announce that it has made an investment in Universal Plant Services / Jones Industrial Holdings, Inc. (“UPS” or the “Company”).

Associated deal team

Robert M. Davies

Partner
US

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