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August 10, 2023Capital Constellation and MML Capital Forge Strategic Partnership and Close Premier Modular Infrastructure Investment
NEW YORK–(BUSINESS WIRE)–Capital Constellation (“Constellation”), an investment platform managed by Wafra Inc. (“Wafra”), has partnered with MML Capital (“MML”) to launch a European value-added infrastructure investment platform. Constellation’s strategic investment in MML Capital includes substantial commitments to MML vehicles, enabling MML to execute initial investments in a dedicated infrastructure strategy and, under Andrew Honan’s leadership, grow a team specifically focused on that sector. The infrastructure strategy, which applies MML’s private equity methodologies to mid-market European infrastructure, recently closed its second investment, Premier Modular (“Premier”), a leading provider of leasing and permanent modular solutions in the UK and Europe. Premier primarily serves the medium to long term needs for essential infrastructure, including education, healthcare and public infrastructure, as well as various commercial applications.
Wafra has a longstanding relationship with MML and in discussing the strategic partnership, Adel Alderbas, Chief Investment Officer of Wafra and President of Capital Constellation, stated, “Our support of the infrastructure strategy builds on a history of success with both MML and Andrew Honan. This strategic partnership with MML represents a continuation of our existing partnership with the firm.”
Gustavo Cardenas, Managing Director at Wafra, commented on the market opportunity saying, “The infrastructure space is well known to Wafra, and we are excited to partner with a market leader in European private equity to tackle the opportunity available in mid-market infrastructure alongside a team we have successfully worked with for several years.”
Ian Wallis and Bal Johal, Co-CEOs of MML Capital, highlighted the tremendous opportunity present in the European middle market, encompassing equity, credit and infrastructure. Wallis commented, “We are delighted to enter into this strategic partnership with Constellation, which is a natural extension of our existing presence in the European middle market. Our existing capabilities, combined with the catalytic nature of the Constellation partnership, positions us well to capitalize on the large opportunity set in infrastructure. Premier is an incredible asset that we think has the potential to grow under our stewardship.”
Andrew Honan, Managing Partner (Infrastructure) and Chair of Sustainable Investing at MML Capital and leader of the infrastructure strategy, outlined the merits of Premier. Honan remarked, “Premier Modular represents a compelling addition to our portfolio, and it’s the potential for Premier’s long-term growth that we are really excited about. Fundamentally, we are seeing a big societal change in how we build our infrastructure in the UK and globally – a focus on being closer to the user and dealing with shorter term changes in societal needs. In that context, mega-projects and permanent infrastructure are only a portion of what is needed, and Premier is at the vanguard of enabling this change in a sustainable and affordable way.” Honan has built out MML’s infrastructure capabilities and currently leads a team of dedicated professionals focused on value-added infrastructure investments.
Wafra is a global alternative asset manager with approximately $31 billion of assets under management. Certain funds advised by Wafra have formed 27 strategic partnerships with both growth-stage and established alternative asset managers. By providing flexible and accretive capital solutions and focusing on the long term, Wafra aligns with and invests in high-quality investment management teams. Headquartered in New York, Wafra and its affiliates have additional offices in London, Kuwait and Bermuda. For more information, please visit www.wafra.com.
About Capital Constellation
Founded and advised by Wafra and created in partnership with a select group of institutional asset owners, Capital Constellation is an innovative venture among global investors, designed as a collaborative asset owner platform with significant capital and expertise from some of the world’s premier institutional investors. Capital Constellation pursues a private equity strategy that provides growth capital to private alternative asset management firms, believing that the ability to partner with talented investment teams can create aligned, substantial and lasting benefits for both asset owners and asset managers. For more information, please visit: www.capitalconstellation.com.
About MML Capital
MML is an international mid-market private equity investor focused on investing alongside strong management teams and working in partnership with them to deliver their bold expansion plans. Over the last 30 years, we have successfully invested in 150 businesses from our 4 global offices in New York, London, Paris and Dublin, with €2 billion of assets currently under management.
At MML, we create value from original thinking, designing deals which enable management teams to take the next step on their journey. We focus on a small number of investments where the business case is strong and the chemistry with people is right, and as an independent firm, our Partners take personal responsibility for our part in your success. In our experience, open minds mean better deals, so we take a fresh approach to every single investment, designing them to perfectly fit people, their unique businesses and personal aspirations.
For our investors, our tailored ethos provides access to a unique set of investment opportunities, delivering strong equity returns whilst protecting investor capital.