MML Capital (MML) has closed MML Dorchester SCSp, a new continuation vehicle capitalised with over €630m of investor commitments. The fund has been established to acquire interests in two European business services companies currently held across prior MML Partnership Capital funds, alongside stakes held by other shareholders.
Under MML’s ownership, both companies have more than doubled EBITDA during the hold period, through a combination of strong organic performance and a set of strategic acquisitions. The continuation fund offers existing limited partners the choice to realise returns or maintain exposure for the next stage of growth. It will also provide the additional time and capital needed to drive further expansion in the coming years.
The fund was significantly oversubscribed, and was underwritten by HarbourVest Partners as senior lead investor and StepStone Group as co-lead investor, with additional commitments from a number of existing and new investors.
PJT Partners served as exclusive financial adviser and Simpson Thacher & Bartlett acted as legal counsel on the transaction. Rothschild & Co advised on the refinancing processes and provided strategic corporate finance advice for the portfolio companies included in the continuation fund.
