United Utilities has sold managed services specialist Vertex to a consortium led by the US-based private equity firm, Oak Hill Capital Partners, for £217.5m. The parent company announced last week that it had agreed to sell Vertex to the consortium, which is made up of Oak Hill Capital Partners, GenNx360 and Knox Lawrence International. Vertex's managing director, Tom Drury, said: ‘We are proud of our achievements and of the reputation we have established for caring passionately about our customers and employees. ‘The sale to a group of investors led by Oak Hill Capital represents the natural evolution in the development of our business, and will ensure that Vertex has the backing it needs to continue to develop successfully.' The sale is expected to be completed by March. Vertex has an annual turnover of £400m, with operations in the UK, Europe, the US, India and Canada. ‘It remains very much business as usual at Vertex,' added Mr Drury. The company has a number of high-profile local government contracts, including Westminster City Council and Hertfordshire CC. ‘We believe this transaction serves the best interests of our shareholders, allowing the group to concentrate on its core skills,' said United Utilities chief executive, Philip Green. ‘We aim to be a world-class operator of utility infrastructure.' Vertex was officially put up for sale last year, after United Utilities announced the company was no longer ‘a long-term, strategic hold'. United Utilities appointed Merrill Lynch last June too look at offers for the subsidiary. Oak Hill Capital Partners is a private equity firm with more than $4.6bn of capital from private individuals, banks and financial institutions.
