BGF successfully exits Portsmouth-based subsea pipe manufacturer Magma Global
Growth capital investor BGF has announced its successful exit of Magma Global Limited, a provider of composite pipe technology to support the Energy Transition.
The Portsmouth-based company has been acquired by TechnipFMC plc, a technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
BGF backed Magma in December 2012 and has supported the business’ expansion efforts over the past eight years.
The initial investment allowed Magma to export tools and equipment to key overseas markets and expand its recruitment prospects as the business grew internationally.
Mark Bryant, head of manufacturing at BGF, who was also board director at Magma, said: “It’s been immensely enjoyable and rewarding to be part of the Magma journey over the past eight years. When we made the initial investment, we knew that the business had fantastic potential, and that the team were developing world-class technology within a high-growth sector.
“They set out to expand their market, and further their international reach – and it’s been brilliant to see their rapid growth trajectory. This deal is a great result for all involved and demonstrates the strategic value that BGF brings over a longer period of time.”
Commenting on the transaction, Martin Jones, Managing Director for Magma, TechnipFMC, said: “Joining TechnipFMC was the natural step on our journey to maximise the commercialisation of our technology. We are immensely proud of the technology and advanced manufacturing systems we have developed. As a part of TechnipFMC, we look forward to delivering innovative and disruptive solutions for traditional and new energy markets.”