The US investment firm that bought Morrison Utility Services earlier this year has snapped up Southampton-based contractor Dyer & Butler.
First Reserve entered an agreement to acquire the company, which works on civils and building projects and had a turnover of £113m for the 12 months to 31 October 2015.
Private equity firm First Reserve, which has raised US$31bn (£25bn) of aggregate capital since it was created, agreed in July to buy Morrison Utility Services from Bregal Capital and Motion Equity Partners.
Dyer & Butler has about 600 employees and has worked for clients including Heathrow Airport, Network Rail and London Underground.
Managing director Neil Edwards said: “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.”
Morrison Utility Services chief executive Jim Arnold added: “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.”
As with Morrison Utility Services, Dyer & Butler will be formally acquired by the holding company of First Reserve.