The Monar Industrial Services (MIS) has been bought out by a private equity firm, it was revealed this week.
The takeover deal was announced last week and is expected to close in the second half of next year.
A deal was not disclosed in the documents seen by FourFourtwo.
The company, which has been operating since the early 2000s, has been run by Mr Williams, who joined the company in 2000.
The deal comes after a review by the NSW Competition and Consumer Commission (CCCC) found that the business failed to offer competitive prices and failed to properly manage the supply chain.
It also raised concerns about the ability of the company to manage and improve its risk management.
The watchdog found that despite the takeover, there were “significant issues” with the management of the business and its processes and that there were concerns about its ability to deliver its business.
The CCCC also criticised the company for failing to provide a “good value proposition”.
The takeover of the MIS was approved by the board of directors last week, with the deal valued at $US4.7 billion.
Mr Williams was appointed to the role of chief executive in March, shortly after Mr Williams left the company.
He has previously held the position of president and chief executive of MIS.
The former chief executive, Jim Williams, has previously served as chief executive officer of Monar, a private firm that specialises in supplying industrial services.
He resigned in 2016 after a string of problems with the company including a series of high-profile incidents.
Mr Phillips has also previously been at Monar.
Monar has a turnover of more than $US60 billion.
It is the largest private service company in Australia, according to data compiled by the Australian Industry Group.
The firm was founded in the late 1950s.
The first Monar building in Australia was opened in 1957.
It later moved into manufacturing.
It was taken over by MNS in 1999 and merged with the private-equity firm Lendlease in 2012.
Mr Philips is the second former executive to be appointed to a role in the private sector.
In December, Mr Phillips announced the formation of the New Monar Group, which will focus on growing manufacturing in Australia’s regional centres.
He said the new group will provide strategic advice and be involved in the “planning and execution” of the new company’s strategy.
“This is a bold new direction for the New South Wales Monar industrial group and a key driver of the growth of the Monar group,” Mr Phillips said in a statement.
“It is critical that the New Brunswick group be able to provide the expertise and resources to deliver a new, high-performing industrial services business, which is in alignment with the New West Monar region’s strategic priorities and strategic needs.”