MCP invests €15m in MBL

The deal is structured as a combination of mezzanine debt and equity, with capital drawn from MCP-advised Accession Mezzanine Capital III, a 2009-vintage vehicle with a €350m target.

It is understood the size of MCP's equity stake in MBL is considerably higher than 10%.

The fresh capital will enable the company to pursue a growth strategy focused on international expansion and new product development. Though MBL already has a global footprint, MCP senior investment partner Piotr Sadowski told unquote" the business will look to further its presence in the US and Asian market, with the latter particularly attractive due to shifting demographics and cultural changes.

Sadowski said the deal took around six months from origination to completion, which was longer than it otherwise might have been owing to the summer holiday period.

MCP foresees a number of possible exit routes for MBL including a potential flotation, trade sale or management buy-back.

Company
Founded in 1988 and headquartered in Silkeborg, MBL produces standard and customised components for wheelchairs, including wheels, push-rims, handbrakes and foot rests. The company has a headcount of 1,400, with additional production facilities in Piotrków Trybunalski, Poland, and Xiamen, China.

People
Mezzanine Capital Partners – Piotr Sadowski (senior investment director).
MBL – Martin Bichel Lauritsen (deputy CEO).

Advisers
Equity – Deloitte (financial due diligence); Gessel & Partners (legal).
Company – DFCM Capital & Management (corporate finance); Horten (legal).

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• Topics
• Expansion
• Nordics
• Industrials
• Denmark
• Mezzanine