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Meter Provida sold to Total Capital Partners

Fusion Group are the parent company of Meter Provida (MPL), the leading independent distributor of utility gas meters in the UK. MPL has a turnover of £25m and an operating profit of £4m, and has doubled in size in the past three years. With legislation and new technology driving the industry, future growth is set to accelerate.

Fusion Group attended Avondale’s Buying and Selling conference at the Institute of Directors and approached us directly in order to sell MPL. Fusion Group were looking at divestment in order to invest further in their core activities and instructed Avondale to seek a buyer for the subsidiary. 

Avondale approached a multitude of strategic trade, corporate and private equity buyers and obtained five serious offers. TCP, the eventual acquirers, had previous involvement in the sector and Fusion felt they had the appropriate knowledge to assist in growth of MPL. Avondale facilitated significant negotiations and ultimately a sale price was agreed that provided suitable cash on completion to enable Fusion Group to progress growth of their core activities. Fusion Group will retain a stake in MPL moving forward as they are supportive of TCP’s strategy.  

"Avondale presented several different buyers and were vital in driving negotiations to secure the sale to TCP. We are delighted with the sale and believe they TCP are well positioned to take Meter Provida through the next stage of growth and development and pleased that Fusion Group retain an interest.”
Neil Green, director, Fusion Group.

To talk to Avondale about your objectives, call 01737 234892 or email iod@avondale.co.uk

 

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