FSN buys majority stake in Elvaston's MHP Solution Group

FSN plans to obtain a 77% stake in the business, while Elvaston and the company's management will retain the remaining 23%. The parties worked on the deal during the summer of 2020 and the transaction remains subject to competition authority approval.

The deal was a proprietary deal sourced through FSN's network, according to a statement.

FSN has invested via FSN Capital V, which held a final close in December 2016 on €1bn. The fund writes equity tickets of €30-130m, with a sweet spot of €50-60m. It targets companies with enterprise values of around SEK 500-3bn. The deal is the 12th platform investment from the fund, according to Unquote Data. The fund is now more than 80% deployed.

Cordet has provided a unitranche and acquisition financing facility to back the deal.

Elvaston invested in MHP in July 2016. At the time, the GP was deploying equity from Elvaston Capital Fund II.

During the investment period, the company completed seven bolt-ons in the logistics management software and technology sector, according to Elvaston's website. The most recent add-on was Panda, a company that produces label and ID hardware, as well as wireless network infrastructure to manage its systems.

Company
Founded in 1999, MHP produces software for the management of international shipping and logistics processes. It serves more than 3,000 businesses, according to a statement, particularly in the e-commerce and freight forwarding sectors. The company employs 300 people at 12 sites in Europe, reporting revenues of €35m. It is headquartered in Neustadt am Rübenberge in Lower Saxony.

People
Elvaston Capital – Oliver Thum (managing partner).
FSN Capital – Robin Mürer (partner).
MHP Solutions Group – Jasmino Burkic (CEO).

Advisers
Equity – BCG (corporate finance); Telescope (commercial due diligence); Lincoln International (corporate finance); EY (financial due diligence); GLNS (legal).
Company – Calsquare (corporate finance); P+P Pöllath & Partner (legal).

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