Secondary Buyout • Business Services

Montagu and HgCapital Acquire Waystone

On July 1, 2021, private equity firms Montagu and HgCapital acquired business services company Waystone from MML Capital Partners

Acquisition Context
  • This is Montagu’s 6th and HgCapital’s 13th transaction in the Business Services sector.
  • This is Montagu’s 2nd and HgCapital’s 5th transaction in Ireland.

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M&A Deal Summary

Date July 1, 2021
Target Waystone
Sector Business Services
Buyer(s) Montagu
HgCapital
Sellers(s) MML Capital Partners
Deal Type Secondary Buyout
Advisor(s) Grant Thornton Transaction Advisory (Financial)
Squire Patton Boggs (Legal)

Target Company

Waystone

Dublin, Ireland
Waystone is a provider of institutional governance, risk and compliance services to the asset management industry. Waystone was founded in 2000 and is based in Dublin, Ireland.
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Buyers Overview 2

Buyer

Montagu

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Montagu is an independent private equity firm focused on European management buyouts and growth capital transactions. The Firm seeks opportunities valued between €100 million and €1 billion. Sectors of interest include healthcare, medical products, financial services, software, IT, information services, and education. Montagu dates back to 1968 and is based in London.


Deal Context for Buyer #
Overall 107 of 119
Sector: Business Services 6 of 6
Type: Secondary Buyout 25 of 30
Country: Ireland 2 of 2
Year: 2021 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-20 ITRS Group

London, United Kingdom

ITRS Group is an international software vendor to the financial services sector, offering real-time monitoring and analytics software. The company provides solutions to transform masses of business and machine data into actionable insights, supporting better systems and business performance. ITRS serves more than 170 global clients, including 9 out of the top 10 investment banks, as well as exchanges and trading venues, hedge funds, and brokers and vendors. ITRS Group was founded in 1997 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-12 Intech

Rang-du-Fliers, France

Intech is a contract manufacturer of surgical instruments, implants, cases & trays, and silicone handles. With a highly renowned R&D team Intech develops valuable solutions for the industry with a range of turnkey equipment from its inception manufactures orthopedic surgical tools to be used in the highly demanding spinal surgery sector. Intech was established in 1999 and is based in Rang-du-Fliers, France.

Buy -
Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


Deal Context for Buyer #
Overall 133 of 153
Sector: Business Services 13 of 14
Type: Secondary Buyout 43 of 51
Country: Ireland 5 of 5
Year: 2021 10 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Revalize

Jacksonville, Florida, United States

Revalize is a provider of sector-specific software solutions that help manufacturers optimize revenue operations through design applications, engineering simulations, product selection, CPQ, PIM, visualization, and data analytics. Revalize was formed in 2021 and is headquartered in Jacksonville, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-04 MDT Software

Alpharetta, Georgia, United States

MDT Software develops and sells 'change management' software for manufacturing automation systems. MDT Software provides a secure environment for controlling access to programming code used to program plant floor industrial control and monitoring devices such as PLCs, Operator Interfaces, Robotics, and a wide variety of other devices. In addition to providing this secure environment, MDT Software is capable of detecting and documenting all modifications to plant floor programs. Modifications are summarized for management review. MDT Software was founded in 1987 and is based in Alpharetta, Georgia.

Buy -

Seller Profile 1

SELLER

MML Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

MML Capital Partners is an investment firm that targets subordinated debt and traditional private equity investments across the US and Europe. MML Capital looks for transactions requiring €5 million and €200 million of capital to support expansion financing, management buyouts, recapitalizations, leveraged buyouts, and take privates. MML Capital invested more than €3.1 billion across 11 countries. MML Capital Partners was formed in 1988 and is based in London, United Kingdom.


Deal Context for Seller #
Overall 35 of 39
Sector: Business Services 5 of 5
Type: Secondary Buyout 18 of 19
Country: Ireland 3 of 3
Year: 2021 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-01 Groupe GDI

Rillieux-la-Pape, France

Groupe GDI is a construction services company specializing in thermal insulation by projection, passive fire protection, acoustic correction and related building solutions for professionals, social landlords, property managers and individual clients, with a network of subsidiaries across France and international project experience. Groupe GDI was founded in 1987 and is based in Rillieux-la-Pape, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 Banner

Wiltshire, United Kingdom

Banner is an independent supplier of schoolwear, printwear, and sportswear to UK retailers, trade printers, and garment decorators. Banner was formed in 1987 and is based in Wiltshire, United Kingdom.

Sell -