Since our investment, MML has supported the expansion of the Group’s footprint in the US through two new delivery centres in North Carolina and California and expanded supply chain capacity. These investments have proved successful with the business delivering 40% revenue growth in the first year of investment with strong momentum heading into 2022.
Given the increased profitability of the business, Western Global has successfully completed a refinance returning £21.4m to MML Partnership Capital Fund VII.
Amar Shanghavi, Investment Director at MML, commented:
“A great start to the year! It’s a pleasure to be working alongside Clem and his team in such a successful partnership. We have seen notable successes in Western Global’s US expansion and significant focus on the business’ sustainability impact with their fuel storage cubes delivering the most efficient solutions when compared to alternative offerings. We are also seeing them lead the way with a new focus on storing the next generation of greener fuels, including biodiesel and HVO (hydrotreated vegetable oil), reducing CO2 emissions and minimising the impact on the environment. Following such a successful year, we are delighted to have supported the refinance and be returning over £20m to our investors.”
Clem Connor, Western Global CEO, said:
“With MML’s support, we have seen our growth trajectory rapidly accelerate over the last 12 months, particularly in the US. Following such a successful year we felt well placed to execute the refinance with HSBC’s support and remain very excited to pursue our increasingly ambitious expansion plans.”
Western Global was advised by Pinsent Masons (Vanessa Heap, Ben Elliott) and Tatsu Partners (Chris Hall).
The transaction was supported by HSBC (Rhys Jones, Jodie Edwards, Tom Green).