px Group positions for next stage of growth with new investors
29 April 2021
px Group has announced that Aksiom Services Group, a partnership between Ara Partners and the Aksiom Group, and px Group management, have acquired the company, setting the foundations for the company’s ambitious growth strategy through the Energy and Industrial Transition.
px Group - Teesside Gas Processing Plant
px Group will continue to be led by its current senior management team and chairman, assuring complete continuity for px Group’s employees, customers, and other stakeholders. The transaction facilitates the exit of private equity firm Bluewater from px Group’s shareholder base, following a highly successful five-year partnership for both parties.
Geoff Holmes, px Group CEO, stated, “For decades, px has provided safe and reliable operations to major infrastructure asset owners across the energy and industrial sectors. Working in partnership with our customers to achieve continuous improvements in safety, efficiency and performance, providing material benefits to all stakeholders and the environment. Today, as the company looks across the UK and Europe to potential new markets, we are encouraged by our unprecedented activity levels and available opportunities for px Group to be a leading participant in delivering and operating the next generation of energy and industrial assets for our current and new customers.
The Aksiom Services Group’s combination of Ara’s focus on investing in industrial decarbonisation and Aksiom’s expertise in developing high-growth technical services companies is a perfect fit for our strategy.”
Charles Cherington, Managing Partner at Ara, said, “px Group’s well-proven technical, project management and operations expertise through the full lifecycle of complex infrastructure assets creates a unique, high-value opportunity for an investor like Ara, with a portfolio of companies developing and building low carbon industrial infrastructure. Reducing carbon intensity across all of industry – both the large installed base of existing assets and those assets to be built over the coming decades – is core to Ara’s mission, and px Group delivers that objective exceptionally well.”
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