MML has successfully sold its minority stake in Clyde Bergemann (‘Clyde’), the leading global provider of components and engineering solutions for thermal power plants, industrial boilers and related combustion processes. Clyde has grown consistently for the past eight years and in the year ending February 2013 delivered revenues of $449m. MML invested in Clyde in 2005, taking a minority stake alongside management and German private equity house DBAG. The exit was facilitated by way of an internal shareholder re-organisation which saw Clyde management investing a material amount to acquire MML’s stake. MML’s return on its $10m investment was not disclosed but described as ‘very satisfactory’ by MML Partner Ian Wallis who led the exit on behalf of the firm.
Ian commented: ‘We have had a great relationship with Clyde and it’s a real sign of the quality of the business and its prospects that management have stepped up to acquire our stake’.
MML Capital Partners is a leading pan-European and transatlantic independent investment firm with over $2 billion invested across 11 countries during the last 25 years. It provides capital to businesses for expansion, acquisitions and recapitalizations, focusing particularly on funding situations requiring a minority investment partner. Providing a clear alternative to conventional private equity, the firm specialises in structuring investments using many levels of capital from equity through to mezzanine. MML has offices in the UK, US and France.