Fusion Group has sold Meter Provida Ltd to Total Capital Partners. No financial terms were disclosed. Fusion Group contracted Avondale, a commercial business sales and acquisitions service provider, to find a buyer for MPL. Fusion Group will retain a stake in MPL. Based in the UK, MPL is a distributor of utility gas meters.
LONDON, November 15, 2013 /PRNewswire/ —
Avondale, the leading commercial business sales and acquisitions service provider, has completed the sale of Meter Provida Ltd (MPL) to Total Capital Partners (TCP).
Fusion Group, the parent company of MPL, contracted Avondale after meeting at an Avondale Buying and Selling conference at the Institute of Directors. Fusion Group were looking at divestment so as to invest further in their core activities and instructed Avondale to seek a buyer for the subsidiary.
The leading independent distributor of utility gas meters in the UK, MPL has a turnover of £25m and an operating profit of £4m, having doubled in size in the past three years. With legislation and new technology driving the industry, growth is set to accelerate.
Avondale approached a multitude of strategic trade, corporate and private equity buyers and obtained five serious offers. TCP, the eventual acquirers, had previous involvement in the sector and Fusion felt they had the appropriate knowledge to assist in growth of MPL. Avondale facilitated significant negotiations and ultimately a sale price was agreed that provided suitable cash on completion to enable Fusion Group to progress growth of their core activities.
Tim Houtby, MD of MPL, who has been instrumental in the company growth, will be joined by newly appointed FD Stephen Burr who has a strong track record in the sector. Fusion Group will retain a stake in MPL moving forward as they are supportive of TCP’s strategy.
Neil Green of Fusion Group: “Avondale presented several different buyers and were vital in driving negotiations to secure the sale with TCP. We are delighted with the sale and believe that Total Capital are well positioned to take Meter Provida through the next stage of growth and development and pleased that Fusion Group retain an interest.”
Natalie Eastham of TCP states, “We are delighted to back Tim and Stephen as they embark on the next phase of growth. Meter Provida has established itself as a key service provider in the market and we look forward to investing further in its development in the coming period.”
Tim Hardman, Director at Avondale who completed the negotiations, said, “We are delighted to have achieved the correct financial and deal structure for Meter Provida, Fusion and Total Capital Partners. The outcome of our negotiations has ensured the business is perfectly positioned to take advantage of the new opportunities this market will present in the coming years.”
Hardman continues, “Today’s announcement is the 29th successful business sale completed by Avondale in the past eight months. Valuing, preparing and negotiating a business through the sale process are our core competencies. We are delighted to have achieved yet another successful outcome for the seller and buyer.”
Avondale are proud to have one of the largest and longest established, specialist corporate teams in the UK, with experienced professionals specialising solely in the sale of businesses. We provide unrivalled coverage of the business sales and acquisitions market with the highest success rate in the industry. Operating from our UK headquarters near London, our research and marketing teams, combined with our international network, provides an impressive global reach for buyers and sellers alike.