Barings, an asset management firm with $284 billion in assets under management, acted as mandated lead arranger of a senior secured credit facility to support Battery Ventures’ acquisition of Michell Instruments Group.
UK-based Michell Instruments Group develops high-precision sensing instruments, specializing in measurement of dew point and relative humidity, as well as oxygen analysis. The company serves diverse industries, including compressed air equipment, natural gas transmission, power generation, pharmaceuticals and food processing.
“Battery Ventures is pleased to partner with Barings’ European private finance group on our investment in Michell Instruments Group,” said Jesse Feldman, general partner at Charlotte, NC-based Battery Ventures. “The global reach of Barings’ private finance group proved valuable to us on this transaction, and the group’s responsiveness and flexibility enabled us to close within a challenging timeline.”
“Barings greatly values the opportunity to support Battery Ventures in its acquisition of Michell Instruments Group,” said Mark Wilton, a managing director for Barings. “The company represents an attractive acquisition opportunity, owing to the mission-critical nature of its products, long track record of growth through the cycle and the diversity of its customer base.”