Squire Patton Boggs has advised MML, the international mid-market private equity firm, (together with all other sellers) on the exit of one of MML's largest and most successful ever investments: Waystone, a global leader in fund governance and compliance services.
As reported by MML, the transaction (previously reported at a value of $1.3 billion) has returned 100% of the committed capital in MML's Fund VI in a single transaction, whilst also creating a significant shareholder equity pool for the management of Waystone.
Squire Patton Boggs advised MML on its investment in Waystone at an original EV of $100 million in August 2019. During the investment period, Waystone expanded its global footprint significantly, entering seven new geographic territories and making nine acquisitions.
The team advising MML was led by Corporate partner Julian Ciecierski-Burns in London, and involved more than 40 Squire Patton Boggs lawyers across offices in London, New York, Hong Kong, Berlin, Manchester and Leeds.
Richard Mayers, partner at MML, commented that: “The completion of our partnership investment in Waystone is a significant milestone for MML and our investors. Julian and the Squire Patton Boggs team were integral to the success of the transaction. Under often challenging circumstances, the Squire Patton Boggs team delivered timely advice that was both rigorous and commercial in substance. They were a great partner for MML.”
“It has been a pleasure to work with MML and the Waystone team and successfully see through the complex transaction, marking the culmination of a remarkable expansion for Waystone. In particular, we are delighted and honoured to have assisted at all stages of the investment, from initial purchase to ultimate exit and along the way,” said Julian Ciecierski-Burns. “Our delivery of this transaction, and all of our work in relation to this investment, demonstrates the strength of our capabilities and experience in complex private equity transactions, as well as our strength and depth of resource in specialist advice in multiple jurisdictions.”