The Irish arm of private equity firm MML Growth Capital Partners has sold its stake in a Dublin-based supply chain management company for large return on its original investment.
Eastland Engineering Supplies (EES) was founded by husband and wife duo Tommy and Catherine Hynes in their garden shed. In 2019, MML acquired an ownership stake and it went on to expand into the US, opening a base in Florida.
The Clondalkin-headquartered firm sources engineering and machine parts for its network of clients in the Republic, the US and the UK, specialising in maintenance, repair and operations services for manufacturing facilities.
MML Ireland has now agreed to sell its shareholding in the firm to US industrial supply chain management company Vallen. The terms of the deal have not been disclosed but The Irish Times understands MML will receive more than €30 million for its stake in EES, representing a return of three times its original €10 million investment.
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Robert Keatinge, chief executive of EES, said the deal is a “strong validation” of EES’s growth prospects. “We wish to thank MML for its strong support over the past nearly five years,” he said. “Its investment really helped us put in place the foundations needed for that growth and we are seeing that pay off now.”
Chuck Delph, chief executive of Vallen, said the Dublin-based company is an “outstanding supply chain services provider”. He said: “This transaction further expands our operations in Europe and enables us to continue delivering premier solutions and innovations for our customers’ indirect spend and opens new opportunities for growth across several industries.”
Neil McGowan, partner and co-head of investment at MML, said the deal comes at a great time for the business. “EES exemplifies MML’s blueprint for strategic partnership investments, which emphasises a collaborative approach and shared values.”
Cofounded in London in 1988 by Rory Brooks and Jim Read, MML Capital has approximately €2 billion of assets under management. It entered the Irish market in 2013, with Mr McGowan and former TVC Holdings director and Dalata chairman Rory Quirke serving as co-chief executives of the Irish entity.
The sale of its stake in EES represents MML Capital Ireland’s ninth successful company exit, including the sale of its stake in Fastway Couriers in 2022 to Elysian Capital. The firm has invested some €210 million across 21 platform investments over the past 11 years, including 15 bolt-on acquisitions, making it one of the most active private equity firms in the market.
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