Canadian pension fund Ontario Municipal Employees Retirement System (OMERS) has appointed DC Advisory to sell its UK utility services business Network Plus, three sources familiar with situation said.

The vendor recently received sellside pitches and a sale launch is likely in the next six months, one of these sources, plus a fourth source, said.

While the vendor had aimed for a 2025 process, depending on the sale preparation it may become an early 2026 launch, one of the sources added.

The Greater Manchester-headquartered business is likely to be valued on forward-looking EBITDA of over GBP 70m, another of the sources noted.

In 2024, Nyetimber Finco Limited, the topco holding for the group, reported FY24 EBITDA of c. GBP 46.1m, with revenue of c. GBP 553m.

In July 2024, Network Plus acquired AC Landscapes and Treeworks, followed by the acquisition of Littlewood Group in September, both for undisclosed sums.

Network Plus provides utility and infrastructure services to customers in the gas, power, telecom, transport and water markets, primarily in the UK. OMERS acquired the company from Livingbridge in September 2022.

While the previous sale consideration was not disclosed, this news service reported at that time that the business was marketed off EBITDA of GBP 50m and valued at around 10-12x that sum.

The business is likely to attract the interest of incumbent UK-based, sponsor-backed strategics, such as CVC’s M Group and Triton’s OCU, as well as others in the space like PAI Partner’s Infra Group, one of the sources noted. It is also expected to draw new private-equity interest, the same source added.

OMERS had considered whether to pursue an initial public offering (IPO) of the business, but with the appointment of DC Advisory it is likely a sale is now the preferred exit route, this source added.

Network Plus employs over 5,000 people and provides project design, planning and programming, construction, ongoing maintenance, data management and traffic management services.

The business, which was formerly known as T&K Gallagher, was established in 2000 by founders that included its former CEO Dan Holland, who stepped down in November last year, to be replaced by incumbent Kevin Fowlie

OMERS and DC Advisory declined to comment. Network Plus did not respond to requests for comment.