Private equity investor BGF has announced its successful exit from Magma Global Limited, a supplier of composite pipe technology to support the energy transition.
The Portsmouth-based company was acquired by TechnipFMC plc, a technology provider for the traditional and new energy industries, providing fully integrated projects, products and services.
BGF supported Magma in December 2012 and has supported the company’s expansion efforts over the past eight years.
The initial investment enabled Magma to export tools and equipment to key overseas markets and broaden its recruiting prospects as the business expanded internationally.
Mark Bryant, Head of Manufacturing at BGF, who was also Director of the Board of Directors of Magma, said: “It has been extremely pleasant and rewarding to be a part of Magma’s journey over the past eight years. When we made the initial investment, we knew the company had fantastic potential and the team was developing world-class technology in a high-growth industry.
“They set out to expand their market and expand their international reach – and it’s great to see their trajectory of rapid growth. This agreement is an excellent result for all parties involved and demonstrates the strategic value that BGF brings over a longer period. “
Commenting on the transaction, Martin Jones, Managing Director of Magma, TechnipFMC, said, “Joining TechnipFMC was the natural step in our journey to maximize the commercialization of our technology. We are extremely proud of the advanced manufacturing technology and systems we have developed. As a member of TechnipFMC, we look forward to providing innovative and disruptive solutions for traditional and emerging energy markets.