CVC buys the business from another company, PAI Partners.

M Group provides services including design, installation and maintenance for the water, energy, transport and telecommunications sectors in the UK and Ireland. It has worked for clients including Severn Trent Plc, United Utilities Group Plc, Virgin Media and National Grid Plc, according to the company's website.

"This is a real economy business, one that we like at PAI, one that we have improved over the past six years and set up for future growth," said Colm O'Sullivan, partner and head of the UK team at PAI Partners.

PAI Partners, which has more than €26 billion in assets, began looking at selling M Group in 2022, with the business initially valued at $2 billion.

CVC was among the latest bidders to buy the British company, along with Apollo Global Management Inc. and Searchlight Capital Partners.