MML acquires Western Global in £90m deal

MML invested £40m in the company, drawn from MML Partnership Capital VII. The fund was registered in January 2019, held a first close in October 2019, and has yet to hold a final close.

MML has completed 15 transactions in the last 12 months, according to a statement.

Western Global intends to expand its product range and improve its technical capabilities following the deal.

The transaction was supported by HSBC.

Company
Bristol-based Western Global is a provider of portable tanks and dispensing equipment for the storage and handling of fuels, lubricants and other fluids. The company was founded in 2005 and generated £19.8m in 2019.

People
MML Capital – Ian Wallis (co-CEO); Amar Shanghavi (investment manager); Will Stewart, Harri Smith (associates).
Western Global – Clem Connor (CEO).
HSBC – Rhys Jones (head of leveraged finance); Jodie Edwards (associate director); Tom Green (head of investment).

Advisers
Equity – Lincoln International, Phil McCreanor, Aude Doyen (corporate finance); Pinsent Masons, Ed Stead, Vanessa Heap, Peter Morley, Ben Elliott (legal); CIL, Jon Whiteman (commercial due diligence).
Company – Deloitte, Martyn Gregory, Richard Williams (corporate finance); Osborne Clarke, Al Livingstone, James Taylor, Ashley Morris (legal); LEK, Tom Diplock (commercial due diligence); PwC, Tom Ayerst, Andy Beckley, Matt Woolgar (financial due diligence).

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• Buyouts
• UK / Ireland
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• MML Capital Partners