Credo Partners acquires MMC First Process

The main vendor is Norwegian maritime group Havyard, which is selling a 77% stake in the business.

Credo does not invest from a blind pool fund; instead, it initially underwrites deals from its own balance sheet before syndicating to its LPs. It generally targets transactions with an enterprise value of between NOK 100-500m.

The transaction will free up a substantial amount of liquidity for the company, according to a statement.

Company
MMC First Process was formed by a merger between Havyard MMC and First Process in 2017. It provides the fishing industry with cooling systems, including onboard seafood refrigeration and onshore treatment plants.

People
Credo Partners – Pål Brynsrud (senior partner).
Hayvard Group – Geir Johan Bakke (CEO).
MMC First Process – Petter Leon Fauske (CEO).

Advisers
Company – Fearnley Securities (corporate finance).

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• Topics
• Buyouts
• Nordics
• Industrials
• Norway