Fusion Group divests Meter Provida Ltd to Total Capital Partners
Fusion Group has finished its divestment of Meter Provida Ltd (MPL) to Total Capital Partners for an undisclosed amount. The sale was handled by commercial business sales and acquisitions provider Avondale who was contracted by Fusion Group to look for a buyer for MPL. The negotiations between the buyer and the seller were facilitated by Avondale which eventually led to the agreement of a sale price that gave sufficient cash for Fusion Group to grow its core businesses.
Avondale got five serious offers for MPL before the unit was sold Total Capital Partners. With headquarters in Chesterfield, England, Fusion Group is a multinational firm that supports water, gas, electricity and infrastructure markets around the globe. A stake in the MPL will continue to be retained by Fusion Group after the sale as the company supports the strategy of Total Capital Partners for MPL.
MPL is a UK-based supply distributor of gas meters. In the past three years, the company has twice grown in size, posting a turnover of GBP 25 million as well as an operating profit of GBP 4 million. It is still expected to grow as technology and legislation continue to drive the industry, Avondale said in a press release. The release also said that newly-named FD Stephen Burr will join MPL MD Tim Houtby as MPL moves forward.
Avondale Director Tim Hardman said about their role in the transaction, "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." He added that the deal was the 29th successful business transaction handled by Avondale in the past eight months.
Meanwhile, Neil Green of Fusion Group said he believed that Total Capital will be able to take MPL to its next stage of growth.