Clyde Bergemann provides components and engineering systems to thermal power plants, industrial boilers and related combustion processes.
The business has shown consistent growth during the period of MML’s ownership with its revenues reaching $449m in the fiscal year to end February.
The firm’s stake was sold to Clyde’s ownership as part of an internal shareholder re-organisation. MML did not disclose what return it received from the exit, but said it was very satisfactory.
MML made its initial investment of $10m alongside German private equity firm DBAG in 2005.
MML Partner Ian Wallis said, “We have had a great relationship with Clyde and it’s a real sign of the quality of the business and its prospects that management have stepped up to acquire our stake.”
The firm is currently investing from its fifth fund raised in 2011, and targets investments of between €10m and €50m in each deal.
Back in December MML sold land mine clearance services provider MineTech for a return of 2.7-times and a 140 per cent IRR.
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