OMERS Sells Network Plus To Warburg Pincus and AMS to Korn Ferry
Warburg Pincus announced that it has entered into an agreement to acquire Network Plus from OMERS Private Equity and other shareholders.
Network Plus is a UK-based utility and infrastructure services provider founded in 2000 and headquartered in Worsley, Greater Manchester. Financial terms of the transaction were not disclosed.
The transaction is intended to accelerate Network Plus’ growth as a provider of maintenance, enhancement, and operational services across the water, wastewater, gas, power, and broader infrastructure sectors.
Network Plus works with major UK utility providers to support critical infrastructure investment and performance goals. The company delivers essential services that help maintain and improve utility networks serving communities across the country.
Warburg Pincus said it plans to support Network Plus’ continued growth and service delivery, while strengthening the company’s role in the UK’s infrastructure ecosystem.
The transaction remains subject to regulatory approval. Following completion, Network Plus’ leadership team and branding are expected to remain in place, with no change to day-to-day service delivery for clients.
Network Plus operates from more than 95 regional depot bases and satellite offices across the UK. Its group companies include Go Traffic Management, Littlewood Group, and Claret Civil Engineering.
The investment reflects Warburg Pincus’ continued focus on the UK market and its strategy of building European business services and energy transition platforms.
Warburg Pincus has invested in Europe for more than 40 years and has a portfolio spanning business services, financial services, technology, industrials, and healthcare. The firm has more than $100 billion in assets under management and more than 215 companies in its active portfolio.
OMERS said Network Plus has strengthened under its ownership and is well positioned for its next chapter.
KEY QUOTES:
“Our partnership with OMERS has been instrumental in Network Plus’ growth, strengthening our operations and deepening our client relationships to build real momentum across the business. As that chapter reaches its successful conclusion, we are excited for the next stage of our journey. Warburg Pincus shares our vision and ambition for the business; delivering essential services to our clients and their customers at a time where investment in UK infrastructure has never been so important. They are committed to enhancing our service offering and capabilities, which will in turn ensure that we deliver greater value and levels of service to our customers, whilst providing our employees the opportunity to grow.”
Kevin Fowlie, Chief Executive Officer of Network Plus
“We recognise the exceptional strength of the business that the Network Plus team has built, and we share their ambition for what comes next. Warburg Pincus is committed to investing in Network Plus’ go-forward growth and we couldn’t be more excited to be part of the next chapter.”
Roy Ben-Dor, Managing Director and Partner at Warburg Pincus
“Network Plus is a leading service provider to UK infrastructure with an exceptional customer base and management team. The combination of our energy transition and infrastructure services expertise, UK market knowledge and broader European franchise gives us a unique ability to support businesses like this, and Network Plus will be a cornerstone of the services portfolio we are building in Europe.”
James O’Gara, Managing Director and Partner at Warburg Pincus
“Network Plus plays an important role in delivering services that communities depend on. Since OMERS investment, the business has grown and strengthened under Kevin Fowlie’s leadership, while continuing to build on its track record of safe, reliable delivery. The company is well positioned for its next chapter, continuing to support customers and communities.”
Michael Block, Head of Private Capital at OMERS
You can read the press release of this deal on OMERS Private Equity's website here and below:
London – Warburg Pincus, the pioneer of private equity global growth investing, today announced that it has entered into an agreement to acquire Network Plus, one of the UK’s leading utility and infrastructure service providers, from OMERS Private Equity and shareholders. Founded in 2000 and headquartered in Worsley, Greater Manchester, Network Plus delivers essential maintenance, enhancement and operational services across the water, wastewater, gas, power, and broader infrastructure sectors.
Network Plus is a trusted partner in delivering and maintaining the UK's core infrastructure, enabling communities and economies to keep moving. As the UK continues to prioritise infrastructure investment, Network Plus works in close partnership with the country's leading utility providers to meet increasingly critical investment and performance goals – bringing the expertise, scale and customer focus needed to deliver complex programmes reliably. Warburg Pincus is committed to supporting Network Plus' growth and delivery for its clients, strengthening its role in maintaining and improving the UK’s critical infrastructure.
The transaction remains subject to regulatory approval. It is intended that, following completion, Network Plus' leadership team and branding will remain in place, with no change to the Network Plus’ day-to-day delivery for clients.
Kevin Fowlie, Chief Executive Officer, Network Plus, said: “Our partnership with OMERS has been instrumental in Network Plus' growth, strengthening our operations and deepening our client relationships to build real momentum across the business. As that chapter reaches its successful conclusion, we are excited for the next stage of our journey. Warburg Pincus shares our vision and ambition for the business; delivering essential services to our clients and their customers at a time where investment in UK infrastructure has never been so important. They are committed to enhancing our service offering and capabilities, which will in turn ensure that we deliver greater value and levels of service to our customers, whilst providing our employees the opportunity to grow.”
Roy Ben-Dor, Managing Director & Partner, Warburg Pincus, said: “We recognise the exceptional strength of the business that the Network Plus team has built, and we share their ambition for what comes next. Warburg Pincus is committed to investing in Network Plus' go-forward growth and we couldn't be more excited to be part of the next chapter.”
James O'Gara, Managing Director & Partner, Warburg Pincus, said: “Network Plus is a leading service provider to UK infrastructure with an exceptional customer base and management team. The combination of our energy transition and infrastructure services expertise, UK market knowledge and broader European franchise gives us a unique ability to support businesses like this, and Network Plus will be a cornerstone of the services portfolio we are building in Europe.”
Michael Block, Head of Private Capital, OMERS, said: “Network Plus plays an important role in delivering services that communities depend on. Since OMERS investment, the business has grown and strengthened under Kevin Fowlie’s leadership, while continuing to build on its track record of safe, reliable delivery. The company is well positioned for its next chapter, continuing to support customers and communities.”
Warburg Pincus has been investing in Europe for more than 40 years, building an extensive portfolio of market-leading businesses across the UK and the continent. The firm's European portfolio spans business services, financial services, technology, industrials and healthcare, and includes a number of significant UK businesses where Warburg Pincus has partnered with management teams to support long-term growth. With a dedicated European team based in London and a global network of sector specialists – including a dedicated energy transition practice – Warburg Pincus brings deep operational expertise and local market knowledge to its investments, and the investment in Network Plus is another example of the firm’s unique ability to leverage multiple areas of sector expertise across the firm. The investment in Network Plus reflects the firm's continued commitment to the UK market and its strategy of building leading European business services and energy transition franchises.
Financial terms of the transaction were not disclosed.About Network Plus
Network Plus is a leading utility and infrastructure service provider, delivering essential services to millions of customers across the UK every day. Established in 2000 and headquartered in Worsley, Greater Manchester, the Network Plus Group operates from over 95 regional depot bases and satellite offices nationwide. The Group provides a full range of proactive and reactive services across water, wastewater, energy and transport networks, working in partnership with the UK’s major utility providers. Its Group companies include Go Traffic Management (GTM), one of the UK’s leading traffic management providers, Littlewood Group, a specialist in barriers and security fencing, and Claret Civil Engineering, a specialist civil engineering contractor. For more information, please visit www.networkplus.co.uk.
About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube.
About OMERS
OMERS is a jointly sponsored, defined benefit pension plan, with more than 1,000 participating employers ranging from large cities to local agencies, and 665,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate.
Network Plus operates at the heart of the UK’s power, water and gas networks—providing the expertise, scale and resilience needed to meet rising demand, modernize aging systems, and enable a more sustainable future.
It is a great asset that OMERS Private Equity has nurtured well since acquiring it four years ago, and now Warburg Pincus is stepping in to acquire it, helping it grow to the next level.
The fact that Warburg Pincus is acquiring it tells me a great deal; they see significant long-term value here.
The UK is in the midst of a massive infrastructure investment cycle, and a specialized firm like Network Plus will play a critical role there for many years to come.
In other related news, Craig Johnson of Staffing Industry Analysts (SIA) reports Korn Ferry to acquire AMS in $1.1 billion deal:
Korn Ferry (NYSE: KFY) struck a deal to acquire AMS, a London-based MSP and RPO provider with operations in more than 120 countries, from Omers Private Equity. The purchase price is £850 million (approximately $1.1 billion).
“By bringing AMS into the Korn Ferry family, we are expanding our ability to help clients solve their most critical organizational challenges,” Korn Ferry CEO Gary Burnison said in a press release.
The deal will bring together Korn Ferry’s search and other services with the MSP, RPO, campus recruiting and other offerings from AMS.
“This is a strategically significant acquisition that broadens Korn Ferry’s ability to support clients across the talent lifecycle,” wrote Matt Norton, VP of research at SIA.
It reflects the continued convergence within the workforce solutions ecosystem, with providers expanding into adjacent services to deliver more integrated talent solutions and build longer-term client relationships, Norton wrote.
“As enterprise buyers increasingly look for strategic talent partners with a broader range of capabilities, SIA expects this trend toward more comprehensive workforce solutions to continue,” he wrote.
The deal is subject to regulatory clearances and is expected to close in Korn Ferry’s second quarter, which ends in October. The collective firm will have more than 16,000 colleagues placing a professional in a job approximately every 90 seconds, according to Korn Ferry.
AMS is on a current annual run-rate to generate $650 million in fee revenue.
Same Values
“In Korn Ferry we have a like-minded partner that shares the same beliefs and embraces the same values,” Rosaleen Blair, founder and chair of AMS, said in a press release.
Blair founded AMS in 1996. She will remain as chair.
Of the £850 million purchase price, Korn Ferry will pay £659 million (approximately $881 million) in cash and the rest in stock. The cash portion will be funded by $300 million in cash on hand and $581 million in borrowings under an existing revolver.
For the share portion, Korn Ferry will issue approximately 3.6 million shares.
AMS was formerly known as Alexander Mann Solutions. It rebranded to AMS in January 2021. Omers Private Equity acquired the firm in 2018.
“AMS has made incredible progress over the course of our ownership,” Michael Block, Omers’ head of private capital, said in a press release. “Korn Ferry is a strong strategic fit for AMS as it enters its next chapter.”
Omers is the private equity investment arm of the defined benefit pension plan for municipal employees in the province of Ontario.
Earlier today, Korn Ferry announced a definitive agreement to acquire AMS:
Los Angeles, June 29, 2026 - Korn Ferry (NYSE: KFY), a global organizational consulting firm, today announced that it has entered into a definitive agreement with OMERS Private Equity to acquire UK-headquartered AMS, which will create a global leader in talent and organizational consulting.
The combination will bring together two highly complementary organizations across geographies and industries with a shared commitment to drive business performance. Following completion, the collective firm will have more than 16,000 colleagues placing a professional in a job approximately every 90 seconds.
“By bringing AMS into the Korn Ferry family, we are expanding our ability to help clients solve their most critical organizational challenges,” said Gary D. Burnison, CEO, Korn Ferry. “Despite all of the technological innovations of yesterday, today and tomorrow, the real driver of organizational success is people. And with our AMS colleagues we will be stronger together than apart. Over almost 20 years I have watched AMS grow and evolve, with deep admiration and respect. I am convinced that the culture and values of both companies are completely aligned. And it all starts with people. This is indeed a significant milestone for Korn Ferry and I am excited about the future that we will shape together.”
The transaction will combine Korn Ferry’s expertise across Search, Talent & Organizational Solutions, and Workforce Solutions with AMS’s highly regarded expertise in Recruitment Process Outsourcing (RPO), Early Careers and Campus Recruiting, Contingent Workforce Solutions, Consulting, and Skills Creation.
“At AMS we connect organizations with the people who advance their vision and deliver their purpose—powering industries, achieving results and shaping futures,” said Rosaleen Blair, Founder and Chair of AMS. “In Korn Ferry we have a like-minded partner that shares the same beliefs and embraces the same values.” Following the consummation of the transaction, Rosaleen Blair will continue in a Chair role.
“Combining AMS with Korn Ferry will create new opportunities for our clients, our teams, and accelerate our ability to shape the future of work,” said Gordon Stuart, CEO of AMS.
“AMS has made incredible progress over the course of our ownership,” said Michael Block, Head of Private Capital, OMERS. “We have supported the company as it has expanded its capabilities, strengthened its client relationships and focused on the people and organizations it serves. Korn Ferry is a strong strategic fit for AMS as it enters its next chapter.”
Founded by Rosaleen Blair in 1996, AMS serves many of the world’s leading organizations across financial services, technology, healthcare, life sciences, consumer, industrial, and public sector markets. Its operations span more than 120 countries, including a well-established presence throughout Europe and Asia.
Drawing on the totality and strength of both firms—and leveraging combined expertise and relationships across geographies, the combined company will create more sustainable opportunities at scale.
Terms of the Acquisition Agreement
Under the terms of the acquisition agreement, Korn Ferry has agreed to acquire AMS for an aggregate purchase price of approximately £850 million (approximately $1.1 billion), consisting of (i) approximately £659 million (approximately $881 million) in cash and (ii) approximately £191 million (approximately $255 million) in Korn Ferry common stock.
Korn Ferry expects to fund the cash portion of the transaction consideration with approximately $300 million of cash on hand and the remaining approximately $581 million of cash consideration with borrowings under Korn Ferry’s existing revolver. Additionally, Korn Ferry will issue approximately 3.6 million shares, subject to a 15% collar at the closing.
On a current annual run-rate basis, AMS is generating approximately $650 million of Fee Revenue and $100 million of Adjusted EBITDA. Assuming no adverse change in the economic environment, Korn Ferry estimates that the run-rate Adjusted EBITDA contribution within a year following the closing of the acquisition will be approximately $140 million.
The consummation of the transaction is subject to receipt of regulatory clearances and is expected to close in Korn Ferry’s 2nd fiscal quarter of FY’27. The transaction is expected to be immediately accretive to earnings per share in the first full year after adjusting for restructuring and integration and transaction costs.
AMS’s long-term contracts will add more than $1.5 billion in estimated fees remaining under existing contracts, providing greater revenue visibility and enhancing the Company’s ability to provide scalable, data-driven talent strategies across geographies and industries.
Additional details regarding the transaction will be discussed during a conference call with investors on Monday, June 29 at 8:30 a.m. EDT. The call will be webcast and available online at www.kornferry.com under Investor Relations, News & Events.
About Korn Ferry
Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.
As the Official Talent & Organizational Consulting Partner of LA28, Korn Ferry is powering the nearly 5,000 people who power the Olympic Games—bringing in the right talent, building strong leaders, and shaping the structure and culture that will deliver an unforgettable experience for the world.
About AMS
We are people experts.
Our 8,000 colleagues power talent acquisition and consulting strategies that deliver results for leading organizations across 120 countries.
We partner with our clients to help re-define a new era of talent, driven by people, process, data and technology, enabling them to attract and retain the talent they need to achieve their vision.
Our core areas of service include: Recruitment Process Outsourcing (RPO), Early Careers and Campus Recruiting, Contingent Workforce Solutions, Consulting and Skills Creation, which are amplified by digital capability and strategic technology partnerships.
We call this...People powered partnership.
This represents another significant asset OMERS Private Equity is selling to a strategic buyer.
The two firms complement each other perfectly and this acquisition will significantly bolster Korn Ferry's market position.
However, while the deal is the largest in the talent industry this year, collapsing the historical wall between executive search and recruitment process outsourcing (RPO) into a single, vertically integrated platform, according to the Feredir blog, OMERS Private Equity lost money on AMS once you factor in inflation in the UK:
The number nobody is talking about
In May 2018, OMERS Private Equity bought AMS from New Mountain Capital for £820m (~$1.1bn). Eight years later, Korn Ferry paid almost exactly the same nominal figure.
In dollar terms, the headline is identical: $1.1bn then, $1.1bn now. In sterling, it's a ~4% nominal uplift over eight years.
Now adjust for inflation. UK CPI rose roughly 32% between May 2018 and June 2026. £820m in 2018 money is worth around £1.08bn in 2026 money. Which means Korn Ferry effectively paid ~20% less in real terms than OMERS did — for a business that was supposed to have grown through one of the most disrupted hiring cycles in modern history.
That is not a growth story. That is a structural revaluation of the RPO model.
The AMS sale is not a one-off. It is the clearest signal yet that the talent industry's traditional structure — retained search at the top, RPO at the bottom, agencies in the middle — is being repriced by the market.
Indeed, that is not a growth story, this is a structural revaluation of the RPO model.
Still, OMERS Private Equity was probably happy to unload this asset to Korn Ferry, even if the terms of the deal were not favourable, adjusted for UK inflation.
The bigger story, however, is OMERS Private Equity is strategically selling assets to shore up its liquidity to invest in better opportunities.
Alexandre Fraser who was appointed as Head of OMERS PE a little over a year ago, has his own strategy to bolster returns at the organization and this is what I see being played out here with all these distributions.
Again, the focus will be on acquiring assets where OMERS PE has an edge, and teaming up with strategic funds where it doesn't.
Alright, let me wrap it up there. Once again, I will be blogging minimally this week.
Below, Network Plus Chief Executive Kevin Fowlie has taken the helm of the business at an exciting time in the company's journey which has seen significant growth and transformation in recent years.
With ambitious plans for the continued growth of Network Plus towards an impressive milestone of 1 billion revenue, he is not just focused on numbers, he is committed to embedding core values into the fabric of all operations.
In this candid conversation, he opens up to host Andy Donnelly about his own journey in the industry and his dedication to essential pillars like customer service, health and safety, innovation and workforce well-being.
His leadership philosophy emphasizes that success is not merely about financial achievements but also about creating a positive impact on employees, customers and the environment.
This episode is a candid conversation that offers a deep dive into strategic decision-making in a rapidly evolving industry and highlights the importance of maintaining a balance between growth and responsibility (clip is a year old).
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