British-based J. Murphy and Sons (JMS) has sold its 50 per cent stake in Australia’s MPC Group to a duo of strategic equity investors.
MPC Group CEO John Smith revealed that Viburnum Funds and SCF Partners would buy JMS’s stake with immediate effect.
“Essentially, there will be no change for our people or our clients, with MPC Group continuing to remain focused on delivering the same exceptional results it has become known for,” said Mr Smith.
“The company’s Executive Leadership Team would like to acknowledge the guidance and experience provided by our previous shareholders, and looks forward to the next stage of growth with aligned and experienced business investors.”
MPC Group, formerly known as Murphy Pipe and Civil, was established in 2011 and has achieved significant growth in that time.
Mr Smith said the transaction was a positive step forward and would enable further growth within the company’s current business sectors, and facilitate future business expansion through Viburnum and SCF’s extensive investment experience and capability.
Mr Smith said the company’s executive and management teams would remain fully in place, with equity interest in the continued growth of the company.