Lead Equities to exit MCL to One Equity Partners

One Equity will wholly acquire the business, according to the filing.

Unquote sister publication Mergermarket reported in October 2019 that Raymond James was leading the sale process for MCL. The company was to be marketed based on €12m EBITDA from revenues of €112m.

Lead Equities bought a majority stake in MCL in December 2011. The GP was deploying from Lead Equities II at the time, which held a final close in October 2008 on €66m, surpassing its target of €50m. The vehicle deployed equity tickets of €1.5-10m for majority or minority stakes in companies based in Austria and its surrounding German-speaking regions. Raiffeisenlandesbank Niederösterreich and Wien provided debt for the transaction.

US-headquartered GP One Equity is currently deploying equity from its latest vehicle, One Equity Partners VII, which held a final close on $1.75bn. The fund deploys equity tickets of $30-300m, investing in North American and Europe-based companies.

MCL will be the vehicle's second investment in Germany, according to Unquote Data, following its acquisition of Walterscheid Powertrain Group (formerly GKN Off Highway Powertrain) from Melrose Industries.

Lead Equities and One Equity had not responded to requests for comment at the time of publication.

Company
Headquartered in Böbllingen, MCL was founded in 1993. The company provides IT-related services, including resale, and the setup of networks, data centres and cloud systems.

The company employs 70 staff, according to Lead Equities' website. It reported revenue of €44m in 2010 and had 60 staff at the time of its acquisition by Lead Equities.

People
MCL Computer & Zubehör – Lars Mack (managing director).

Advisers
Company – Raymond James (M&A).

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• Topics
• Exits
• DACH
• Secondary buyout
• Germany
• Lead Equities AG
• One Equity Partners