MML Capital Partners Fund V has successfully exited its investment in ATA Group, the leading manufacturer of tungsten carbide burs, abrasives and pneumatic air-tools.
MML has sold its investment to management, led by CEO Peter Cosgrove, in a transaction that will see the firm achieve a 3x return.
MML invested into Irish headquartered ATA Group in December 2012, supporting the transatlantic acquisition of SGS Tool Company’s bur business based in Ohio, USA, the leading global manufacturer of burs. In 2014 ATA further consolidated the bur market with the acquisition of UK headquartered Garryson Ltd.
Richard Mayers, Partner at MML commented, “having worked with management to almost triple the EBITDA of the original business over the course of our investment, and significantly ahead of the original plan, we believe now was the right time to return value to our investors.”
Ian Wallis, Managing Partner at MML also commented, “Peter leads a highly effective and very experienced international management team which has been further enhanced by recent high calibre additions. We were very pleased to have had the opportunity to work with them and to facilitate this transition of ownership into their hands, supported by AIB, the Group’s incumbent bank”.
Richard Mayers, Ian Wallis and Rob Devonshire led the investment and exit for MML. PwC Advisory (David Tynan/Cara Haffey) advised the shareholders, together with Taylor Wessing (Emma Danks) and Mathesons (Tim Scanlon) who advised MML and management respectively and Liberty Corporate Finance (Michael McDonagh) who advised management.