Total Capital Partners
Meter Provida (MPL) was the leading independent distributor of utility gas meters in the UK, boasting an annual turnover of £25m and operating profits of £4m.
MPL had been growing rapidly under the guidance of its parent company, Fusion Group, doubling in size during the preceding three years. The Group’s owners were looking to divest ownership of their subsidiary in order to invest further in their core activities. With legislation and new technology driving the energy industry, they were keen to secure a deal value that took into account the company’s future growth potential.
Fusion Group instructed Avondale to identify a buyer for MPL after attending Avondale’s Buying and Selling conference at the Institute of Directors. Once on board, Avondale made discreet approaches to a multitude of strategic trade, corporate and private equity buyers. This process returned five strong offers, with advanced negotiations ensuing with private equity firm, TCP.
Given their previous involvement in the energy sector, Fusion felt TCP had the knowledge and experience to scale up the business and guide MPL to its next phase of growth. Avondale was able to secure a strong exit package for the Group’s owners through the negotiations, freeing up capital to invest back into the core business. Having retained a stake in MPL, Fusion Group continues to support TCP with their plans to expand the business.