Real Deals’ Future 40 Investment Leaders 2022
Here’s what Real Deals said about Robert:
Partner at MML Capital, Robert Devonshire, co-led his firm’s investment and outstanding 10.8x exit of Waystone alongside Richard Mayers. Under MML’s hold and Devonshire’s oversight, the institutional global governance and third-party management business, transformed from a Cayman-centric governance and compliance business with a fast growing European operation, into a multi-jurisdictional and multi-asset global leader.
Waystone’s enterprise value on entry was c.$100m in 2019, which increased to a $1.3bn global company at exit. Waystone saw 6x EBITDA growth, delivered 40% organic growth, made nine strategic acquisitions, and entered seven new geographic territories across the globe. Sitting on the company’s board, Devonshire proved a crucial, indispensable and supportive investment partner to the management team. He facilitated complex mergers and the business’ on-going debt capacity, built out and incentivised the senior management team, and professionalised the business’ core functions and operations. Judges commented on the strong value creation, succession and market consolidation, calling it an “incredible deal”.
Bal Johal, co-CEO of MML said:
“Rob played a key role as a genuine investment partner to the management team. He recognised the potential opportunity and determination of a highly talented team with a clear vision, worked through significant complexity at the outset to make the deal happen, and backed management’s growth and transformation plan with conviction. Rob worked with the MML team to set a supportive and challenging tone to the investment and ensure we delivered on our promises to support Waystone’s ambitions and objectives.”